IFRS Restatement

Berkeley Group Holdings (The) PLC 26 October 2005 The Berkeley Group Holdings plc Information on adoption of International Financial Reporting Standards Impact on results for the year ended 30 April 2005 (A PDF version of this announcement can be found on the Company's website - www.berkeleygroup.co.uk under Investor Relations/Results & Announcement) The Berkeley Group Holdings plc ('the Group') will report its financial results for the year ended 30 April 2006 under International Financial Reporting Standards ('IFRS') for the first time. The Group's first published accounts prepared under IFRS will be for the six months ended 31 October 2005, which will include comparative results for the six months ended 31 October 2004, restated from UK Generally Accepted Accounting Principles ('UK GAAP') to IFRS. The first Annual Report prepared under IFRS will be for the year ended 30 April 2006, which will include comparative results for the year ended 30 April 2005 restated from UK GAAP to IFRS. The beginning of the IFRS comparative period is 1 May 2004, the effective date of transition. On transition to IFRS reporting, the principal changes to the Group's reported financial information, and the impact on net assets at the transition date, are as follows: Â£'000 Net assets as reported under UK GAAP at 1 May 2004 1,142,610 â€¢ Recognition of revenue on sales of all private properties on exchange of contracts and physical completion of the property; (29,344) â€¢ Dividends declared after the balance sheet date are not considered a liability at that balance sheet date; 19,646 â€¢ Recognition of defined benefit pension obligations in the balance sheet; (5,074) â€¢ Land purchased on deferred settlement terms is recorded at fair value, with the inherent discount being unwound through finance costs over the period of deferral. (5,665) Net assets under IFRS at 1 May 2004 1,122,173 The impact of IFRS on the Group's key reported results for 2005 is as follows: Year ended Six months ended 30 April 2005 31 October 2004 UK IFRS UK IFRS Â£'000* Â£'000* Â£'000* Â£'000* Retained profit 144,643 138,958 77,936 78,492 Earnings per Ordinary share - basic 121.0p 116.2p 65.4p 65.8p Net assets 669,482 621,409 1,203,373 1,162,776 Net asset value per share 558p 518p 1,005p 971p * unless otherwise stated The transition to IFRS has no impact on: â€¢ The Group's net debt position and underlying cash flows; â€¢ The Group's banking arrangements; â€¢ The return of capital to shareholders or the Group's strategy. CONTENTS 1 Introduction 2 Basis of preparation 3 Impact of adoption of IFRS 4 Accounting policies Financial information for six months ended 31 October 2004 and year ended 30 April 2005: 5 Consolidated Income Statement 6 Consolidated Statement of Recognised Income and Expenses 7 Consolidated Balance Sheet 8 Consolidated Cash Flow Statement 9 Notes to the Consolidated Cash Flow Statement Appendices A. Reconciliation of Income statements and Statements of changes in shareholders' equity for the six months ended 31 October 2004 and the year ended 30 April 2005 B. Reconciliation of Balance Sheets at 1 May 2004, 31 October 2004 and 30 April 2005 C. Detailed balance sheet reconciliation at 1 May 2004 D. Detailed balance sheet and income statement reconciliations for six months ended 31 October 2004 E. Detailed balance sheet and income statement reconciliations for year ended 30 April 2005 1 INTRODUCTION The Berkeley Group Holdings plc has prepared its consolidated financial statements for all periods up to and including 30 April 2005 under UK GAAP. The adoption of IFRS became mandatory for all European Union companies listed on a regulated market for accounting periods commencing on or after 1 January 2005. IFRS will therefore apply for the first time in the Group's financial statements for the year ending 30 April 2006, in which disclosure of the comparative year ended 30 April 2005 under IFRS will be required. This document explains how the Group's reported opening balance sheet under UK GAAP at 1 May 2004, its financial results under UK GAAP for the six months ended 31 October 2004 and financial position at that date and its audited financial results for the year ended 30 April 2005 and financial position at that date would have been reported under IFRS. The document also explains the material accounting policy changes resulting from the adoption of IFRS. The audited consolidated financial statements of The Berkeley Group Holdings plc included in the 2005 Annual Report published in July 2005 were prepared under UK GAAP. Those financial statements included an unqualified report from the Company's auditors. The financial information presented under IFRS in this document does not constitute the Company's financial statements and has not been audited or reviewed. 2 BASIS OF PREPARATION IFRS 1 'First-time adoption of IFRS' sets out the procedures that companies should follow on adopting IFRS for the first time. The Group must set its IFRS accounting policies and apply them retrospectively, subject to the exemptions explained where appropriate below, and present the IFRS opening balance sheet at the beginning of the first IFRS reporting period, 1 May 2004. There are a number of optional exemptions to retrospective application offered by IFRS 1. The choices made by the Group in respect of these optional exemptions have been incorporated into the analysis set out in section 3 where relevant. The financial information presented in this document has been prepared in accordance with IFRS (with the exception of IAS 32 and IAS 39 as explained in 3.9 below) and is subject to any new standards that may be issued by the International Accounting Standards Board ('IASB') for adoption for financial years beginning on or after 1 January 2005, and to interpretive guidance issued by the International Financial Reporting Interpretations Committee ('IFRIC'). Subject to European Union endorsement of IAS 19 (revised) and no further changes from the IASB in the interpretation of existing standards, the information presented is expected to form the basis for comparatives when reporting financial results for 2005, and for subsequent reporting periods. 3 IMPACT OF ADOPTION OF IFRS 3.1 Presentation of financial statements - primary statements The primary statements have been presented in this document in accordance with the guidelines set out in IAS 1 'Presentation of Financial Statements'. Joint ventures (IAS 31): The Group has elected to account for its investments in joint ventures using the equity method of accounting rather than adopting the proportionate consolidation method that is allowable under IAS 31. This is consistent with the existing UK practice, subject to the following key difference. Under IFRS, the Group's share of the results of joint ventures are presented net of interest and tax in one line in the consolidated income statement. Under UK GAAP, the Group's share of the operating profit, interest and tax of joint ventures were disclosed separately. Deferred taxation (IAS 12): Under IFRS, the Group's deferred tax asset is presented in non-current assets on the face of the consolidated balance sheet. Under UK GAAP, it was classified within other debtors in current assets. Discontinued operations (IFRS 5): Under IFRS, the results and profit on disposal from discontinued operations are shown in one line below profit after taxation in the income statement. Under UK GAAP, the results from discontinued operations were included line-by-line in the profit and loss account. 3.2 Group reconstruction In October 2004, the Group implemented a capital reorganisation, incorporating a Scheme of Arrangement, in order to effect the return of Â£12 per share to shareholders by January 2011. In the opinion of the Directors, the Scheme of Arrangement was a group reconstruction rather than an acquisition, since the shareholders in the holding company of the Group after the implementation of the Scheme (The Berkeley Group Holdings plc) were the same as the shareholders in the holding company of the Group before the implementation of the Scheme (The Berkeley Group plc), with no change to the rights of each shareholder, relative to the others, and no alteration to minority interests in the net assets of the Group. Accordingly, the Directors adopted merger rather than acquisition accounting principles in drawing up the financial statements, having regard to the overriding requirement of section 227(6) of the Companies Act 1985 for the accounts to present a true and fair view of the Group's results and financial position. IFRS 3 ('Business Combinations') does not identify merger accounting as applicable for business combinations; however it does not address the accounting for business combinations involving entities under common control, such as group reconstructions. There is currently no guidance as to the appropriate accounting for group reconstructions under IFRS. The Directors therefore believe that it is appropriate to continue to adopt merger accounting for the Group reconstruction under IFRS. 3.3 Business Combinations before the transition date (IFRS 3) The Group has elected not to apply IFRS 3 retrospectively to business combinations that took place before the beginning of the first IFRS reporting period. 3.4 Revenue recognition (IAS 18) On traditional developments under UK GAAP, properties were treated as sold and profits were taken when contracts were exchanged and the building work was physically complete. On complex multi-unit developments, revenue and profit were recognised on a staged basis, commencing when the building work was substantially complete, which was defined as being plastered, and when contracts were exchanged. On transition to IFRS, the Group has amended its policy to recognise revenue on properties on both traditional and complex multi-unit developments when contracts are exchanged and the building work is physically complete. This brings the policy on complex multi-unit developments into line with the Group's existing revenue recognition policy on traditional developments and reflects the provisions of IAS 18 ('Revenue'). The effect of this change in policy on the Group excluding Joint Ventures is to reduce opening reserves at 1 May 2004 by Â£25,413,000, and to reduce turnover, operating profit and retained profit for the year ended 30 April 2005 by Â£38,879,000, Â£11,272,000 and Â£7,890,000 respectively. For Joint Ventures, opening reserves are reduced by Â£3,931,000 and the Group's share of retained profit for the year ended 30 April 2005 is increased by Â£1,895,000. This gives rise to an overall reduction of net assets of Â£29,344,000 at 1 May 2004 and Â£35,339,000 (5%) at 30 April 2005. This change in policy constitutes a timing difference in terms of the point at which revenue is recognised, and has no impact on the underlying profitability of the Group. Profit in any one year will be higher or lower than under the existing policy based on the timing of build programmes. There is no impact on the Group's net debt position as a result of the change in policy. 3.5 Events after the Balance Sheet date (IAS 10) IAS 10 ('Events after the Balance Sheet date') requires that dividends approved after the balance sheet date should not be recognised as a liability at that balance sheet date since the liability did not represent a present obligation at that date. The final dividend approved in respect of the financial year ended 30 April 2004 of Â£19,646,000 has been reversed in the opening balance sheet at 1 May 2004 and is charged, based on shareholders on the register on 10 August 2004, in the year ended 30 April 2005. 3.6 Employee benefits (IAS 19) Under UK GAAP, the Group currently applies SSAP 24 in respect of the Group's pension schemes, and provides detailed information under the FRS 17 transitional disclosures. The Group has adopted IAS 19 ('Employee benefits') in preparing the IFRS opening balance sheet, including the amendment to IAS 19 issued by the IASB on 16 December 2004 which allows all actuarial gains and losses to be charged or credited to equity through the statement of recognised income and expense. Since the Group has elected to follow this approach, all cumulative actuarial gains and losses in relation to employee benefit schemes have been recognised at the beginning of the first IFRS reporting period. The Group's opening IFRS balance sheet reflects the recognition of a net deficit of Â£6,214,000 (after taking account of the related Â£2,663,000 deferred tax asset) in respect of the Group's defined benefit scheme. The transitional adjustment of Â£5,074,000 to opening reserves includes the reversal of SSAP 24 accounting under UK GAAP and the recognition of the net liabilities of the Group's defined benefit scheme. The impact of the change to IAS 19 on the consolidated income statement for the year ended 30 April 2005 is a credit to retained profit of Â£363,000. The actuarial loss of Â£2,284,000 (net of associated deferred tax) has been recorded in the statement of recognised income and expense. 3.7 Share-based payments (IFRS 2) The Group has elected to follow the transitional provisions of IFRS 2, and therefore to apply IFRS 2 only to grants under the Group's share option schemes and Long Term Incentive Plans made after 7 November 2002 which had not vested by 1 January 2005. All options under the Group's existing share option schemes had vested by 1 January 2005, and as such, in accordance with IFRS 2, will be included on a disclosure basis in the first IFRS financial statements. Of the four grants under The Berkeley Group plc 2000 Long Term Incentive Plan, only the grant of 22 July 2003 has been accounted for under IFRS 2. The earlier grants of 21 December 2000, 7 August 2001 and 19 August 2002 will be included on a disclosure basis in the first IFRS financial statements. The change to IFRS 2 has no impact on the opening IFRS balance sheet, but the exclusion of the profit and loss charge in relation to the pre-November 2002 grants under the 2000 LTIP has reduced operating expenses by Â£679,000 in the year ended 30 April 2005. Deferred tax on the 2000 LTIP is calculated at each reporting date based on an estimate of the future tax deduction. The tax benefit up to the amount of the tax effect of the cumulative expense is recorded in the income statement, and the excess tax benefit above this amount is recorded in equity. The Berkeley Group Holdings plc 2004(b) Long-Term Incentive Plan was introduced during the year ended 30 April 2005, and the only grants under this scheme were those made to four main Board Directors on Court approval of the Scheme of Arrangement on 26 October 2004. As such these grants fall to be treated under IFRS 2. The accounting treatment under IFRS 2 is similar to the UK GAAP treatment under UITF 17 (revised) and no significant adjustment arises on transition to IFRS. 3.8 Land purchased on deferred settlement terms (IAS 2) IAS 2 ('Inventories') requires that, where a company purchases inventories on deferred settlement terms and the arrangement effectively contains a financing element, then that element should be recognised as interest expense over the period of financing. This affects the Group in respect of long-term land creditors (which have a price determined at inception but payable a year or more in the future) which must be recognised at a discounted net present ('fair') value on recognition, with the discount being unwound through finance costs over the period to settlement of the liability. This adjustment does not affect net profit or net assets over time. It is a reduction of work in progress and creditors by an equal amount in the balance sheet at inception, and a reclassification between cost of sales and finance costs in the income statement. The timing of recognition of the finance costs (on an effective interest basis) and of the equivalent benefit in operating profit (when sales are recognised on the relevant sites) will however give rise to a net impact on net assets at each balance sheet date. The impact of IAS 2 in the opening IFRS balance sheet at 1 May 2004 is to reduce inventories by Â£2,716,000 and to reduce other non-current creditors by Â£1,067,000, with an associated reduction of net assets, net of tax, of Â£1,154,000 at that date. In the year ended 30 April 2005, this adjustment increases net finance costs payable by Â£1,206,000, and reduces cost of sales by Â£250,000. In the closing balance sheet at 30 April 2005, inventories reduce by Â£5,646,000 and other non-current liabilities by Â£3,041,000, with an associated reduction of net assets, net of tax, of Â£1,824,000 at that date. This change in accounting also affects the results of joint ventures. The impact of this adjustment in the opening balance sheet at 1 May 2004 is to reduce investments in joint ventures and reserves by Â£4,511,000, and in the year ended 30 April 2005 to increase the Group's share of joint ventures' profit after tax by Â£595,000, resulting in a reduction of investments in joint ventures of Â£3,916,000 at 30 April 2005. The overall impact is a reduction of net assets of Â£5,665,000 at 1 May 2004 and Â£5,740,000 (1%) at 30 April 2005. 3.9 Financial Instruments (IAS 32 and IAS 39) The Group has elected to take the optional exemption from applying IAS 32 and IAS 39 in the comparative year (and to first apply them at 1 May 2005 and for the year ended 30 April 2006). There is one area in which the adoption of these standards would have impacted on the comparative results as at 31 October 2004: Classification of B shares IAS 32 sets out guidelines in respect of the classification of financial instruments between debt and equity. Following the Scheme of Arrangement, thenew holding company of the Group, The Berkeley Group Holdings plc, issued Units (each Unit comprising one ordinary share of 5p, one 2004 B share of 5p, one 2006 B share of 5p, one 2008 B share of 5p and one 2010 B share of 5p) to existing shareholders in The Berkeley Group plc in return for their shares in The Berkeley Group plc. Each B share is a non-voting redeemable share in the capital of the Company and is entitled to a return of Â£5, Â£2, Â£2, and Â£3 respectively at specified dates at the discretion of the Directors. The B shares are classified as equity under UK GAAP, and will continue to be classified as equity under IFRS. The share capital of the Company (including the ordinary shares and the B shares) can only be held and traded in the form of Units and, having no fixed redemption date and amount, are equity. However, at the point at which the Board formally commits to making each B share payment, that B share will become debt under IFRS. Were IAS 32 to have been adopted early, the 2004 B shares would have been reclassified as debt in the Half Year balance sheet at 31 October 2004 under IFRS, as the Directors, at that date, had formally committed to the redemption of the 2004 B shares in December 2004. This would have resulted in a reclassification of Â£604,153,000 from shareholders' equity to borrowings in creditors (amounts falling due in less than one year) at 31 October 2004. There is no significant impact of IAS 32 and IAS 39 on the results at 1 May 2004 and 30 April 2005. In respect of another option allowed by IFRS 1, the Group has elected not to designate any financial assets or liabilities at 'fair value through profit or loss' or as 'available for sale' on transition to IFRS. 3.10 Property, plant and equipment (IAS 16) Fair value of property plant and equipment on transition The Group has not previously applied a policy of revaluation to property, plant and equipment. The Group will continue to hold property, plant and equipment at depreciated cost under IFRS. The provisions of IFRS 1 allow companies to revalue property, plant and equipment to fair value on transition to IFRS, and to treat the fair value as deemed cost on transition, even where a policy of revaluation will not be applied going forward. The Group has elected not to revalue property, plant and equipment to fair value on transition. Therefore there is no adjustment to the carrying value of property, plant and equipment on transition to IFRS. Residual value of property, plant and equipment Under IFRS, the residual value of property, plant and equipment should be reassessed annually based on values current at the balance sheet date (rather than at the date of capitalisation of the asset under existing accounting). If there is any change, future depreciation charges should be adjusted accordingly. This change has no impact on the opening balance sheet at 1 May 2004, and has no material impact on the Group's results for the year ended 30 April 2005. 3.11 Segmental reporting (IAS 14) The primary reporting format for the Group is by activity, reflecting the different risks and returns in the Group's residential and commercial activities. As all of the Group's operations are within the United Kingdom, one economic environment in the context of the Group's activities, there are no geographic segments to be disclosed. 4 ACCOUNTING POLICIES This section sets out the anticipated accounting policies which are expected to be disclosed in the IFRS compliant financial statements of the Group for the year ended 30 April 2006. These accounting policies may be updated for any subsequent amendments to IFRS which the Group is required or may elect to adopt. These policies have been consistently applied to all the years presented, unless otherwise stated. 4.1 Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS, apart from the exception described below. The financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The Group has elected to take the optional exemption from applying IAS 32 and IAS 39 in the comparative year (and to first apply them at 1 May 2005 and for the year ended 30 April 2006). No significant adjustments would have been required in order to make the comparative information at 30 April 2005 comply with IAS 32 and IAS 39. 4.2 Basis of consolidation The consolidated accounts comprise the accounts of the parent company and all its subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April. In the case of acquisitions or disposals, the Group's result includes that proportion from or to the effective date of acquisition or disposal as appropriate. 4.3 Goodwill Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews, with any impairment losses recognised immediately in the income statement. Goodwill written off to reserves prior to 1998 under UK GAAP was not reinstated on transition to IFRS and is not included in determining any subsequent profit or loss on disposal. 4.4 Joint ventures The results attributable to the Company's holding in joint ventures are shown separately in the consolidated profit and loss account. The amount included in the consolidated balance sheet is the Group's share of the net assets of the joint ventures plus net loans receivable. Goodwill arising on the acquisition of joint ventures is accounted for in accordance with the policy set out above. The carrying value of goodwill is included in the carrying value of the investment in joint ventures. 4.5 Revenue Revenue represents the amounts receivable from the sale of properties during the year. Properties are treated as sold and profits are taken when contracts are exchanged and the building work is physically complete. This policy applies to both residential housebuilding and commercial property activities. Revenue does not include the value of the onward sale of part exchange properties, for which the net gain or loss is recognised in cost of sales. 4.6 Taxation The taxation expense represents the sum of the tax currently payable and deferred tax. Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred taxation liabilities are generally recognised on all taxable temporary differences. Deferred taxation assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. The carrying value of deferred taxation assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves. 4.7 Property, plant and equipment Property, plant and equipment is carried at cost. Depreciation is provided to write off the cost of the assets over their estimated useful lives at the following annual rates: Freehold property 2% Fixtures and fittings 15% / 20% Motor vehicles 25% Computer equipment 33 1/3 % Leasehold property is amortised over the period of the lease. Computer equipment is included within fixtures and fittings. 4.8 Investments The parent company's investments in subsidiary undertakings are included in the balance sheet at cost less provision for any permanent diminution in value. 4.9 Inventories Property in the course of development is valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect overheads and interest. Progress payments are deducted from work in progress. Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net realisable value. Land purchased for development, including land in the course of development, is initially recorded at fair value. Where such land is purchased on deferred settlement terms, and the fair value differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the income statement over the period to settlement. 4.10 Cash and cash equivalents Cash and cash equivalents comprises cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group's cash management, for which offset arrangements across Group businesses have been applied where appropriate. 4.11 Derivative financial instruments From time to time the Group makes use of interest rate swaps and caps to manage its exposure to fluctuations in interest rates. The Group does not use derivative financial instruments for speculative purposes. The Group did not use any derivative financial instruments in the year ended 30 April 2005. On 1 May 2005, the Group adopted IAS 32 and IAS 39. Derivative financial instruments are initially recognised at cost. Subsequent to initial recognition these instruments are stated at fair value. Where the derivative instrument is deemed an effective hedge over the interest rate exposure, the instrument is treated as a cash flow hedge, and hedge accounting is applied, whereby gains and losses in the fair value of the derivative instrument are recognised directly in equity until such time as the gains or losses are realised. On realisation, any gains are reported in the income statement net of related charges. 4.12 Employee benefits (a) Pensions The Group accounts for pensions and similar benefits under IAS 19 'Employee benefits'. For defined benefit schemes, the obligations are measured at discounted present value whilst plan assets are recorded at fair value. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of these plans are recognised separately in the income statement; service costs are spread systematically over the lives of the employees and financing costs are recognised in the period in which they arise. Actuarial gains and losses are recognised immediately in the statement of recognised income and expense. Cumulative actuarial gains and losses were recognised at 1 May 2004, the beginning of the first IFRS reporting period, within the net obligation at that date. Pension contributions under defined contribution schemes are charged to the income statement as incurred. (b) Share-based payments The Group has applied the requirements of IFRS 2 'Share-based payments', in accordance with the transitional provisions of IFRS 2, to all grants of equity instruments after 7 November 2002 which had not vested as of 1 January 2005. The fair value of awards under the Group's Long-Term Incentive Plans are charged against profit on a straight-line basis over the vesting period of the awards, based on the Group's estimate of the awards that will eventually vest. Shares held in trust to satisfy these awards are treated as a deduction from shareholders' funds. 4.13 Leasing and rental agreements Payments under rental and operating lease agreements are charged against profit on a straight line basis over the life of the lease. 5 CONSOLIDATED INCOME STATEMENT Six months ended Year ended 31 October 2004 30 April 2005 Unaudited Unaudited Â£'000 Â£'000 --------------------------------------------------------------------------------------------- Continuing operations Revenue 419,521 794,461 Cost of sales (292,155) (565,395) --------------------------------------------------------------------------------------------- Gross profit 127,366 229,066 Net operating expenses (37,192) (75,687) --------------------------------------------------------------------------------------------- Net operating expenses include: Merger expenses (1,536) (1,633) --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Operating profit 90,174 153,379 Interest receivable 6,031 11,292 Finance costs (4,145) (19,573) Share of post tax results of joint ventures 7,103 10,358 --------------------------------------------------------------------------------------------- Profit on ordinary activities before taxation 99,163 155,456 Taxation (27,092) (41,439) --------------------------------------------------------------------------------------------- Profit on ordinary activities after taxation 72,071 114,017 Discontinued operations Profit from discontinued operations 6,421 24,941 --------------------------------------------------------------------------------------------- Profit for the financial period / year 78,492 138,958 --------------------------------------------------------------------------------------------- Earnings per Ordinary Share - Basic 65.8p 116.2p ------------------------------------------------------------------- - Continuing operations 60.3p 95.3p - Discontinued operations 5.5p 20.9p ------------------------------------------------------------------- - Diluted 65.1p 115.1p ------------------------------------------------------------------- - Continuing operations 59.8p 94.4p - Discontinued operations 5.3p 20.7p ------------------------------------------------------------------- 6 CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE Six months ended Year ended 31 October 2004 30 April 2005 Unaudited Unaudited Â£'000 Â£'000 --------------------------------------------------------------------------------------------- Profit for the financial period / year 78,492 138,958 Actuarial loss recognised in the pension scheme (1,518) (3,262) Deferred tax on actuarial loss recognised in the pension scheme 455 978 Credit in respect of employee share schemes 417 3,533 Deferred tax in respect of employee share schemes 329 658 --------------------------------------------------------------------------------------------- Total recognised income for the period / year 78,175 140,865 --------------------------------------------------------------------------------------------- 7 CONSOLIDATED BALANCE SHEET At 31 October At 30 April 2004 2005 Unaudited Unaudited Â£'000 Â£'000 --------------------------------------------------------------------------------------------- Assets Non-current assets Property, plant and equipment 10,462 8,883 Investments accounted for using equity method 63,929 64,497 Deferred tax assets 4,816 8,074 --------------------------------------------------------------------------------------------- 79,207 81,454 --------------------------------------------------------------------------------------------- Current assets Inventories 1,109,032 1,103,045 Trade and other receivables 27,595 48,873 Cash and cash equivalents 349,311 344,948 --------------------------------------------------------------------------------------------- 1,485,938 1,496,866 --------------------------------------------------------------------------------------------- Liabilities Current liabilities Borrowings (25,106) (88) Trade and other payables (253,436) (293,896) Current tax liabilities (23,520) (17,870) --------------------------------------------------------------------------------------------- (302,062) (311,854) --------------------------------------------------------------------------------------------- Net current assets 1,183,876 1,185,012 --------------------------------------------------------------------------------------------- Total assets less current liabilities 1,263,083 1,266,466 --------------------------------------------------------------------------------------------- Non-current liabilities Borrowings (75,000) (600,000) Retirement benefit obligation (10,716) (12,089) Other non-current liabilities (14,591) (32,968) --------------------------------------------------------------------------------------------- (100,307) (645,057) --------------------------------------------------------------------------------------------- Net assets 1,162,776 621,409 --------------------------------------------------------------------------------------------- Shareholders' equity Share capital 30,200 24,164 Share premium - 264 Capital redemption reserve - 6,091 Other reserve (961,299) (961,299) Retained profit 2,066,786 1,522,976 Joint ventures' reserves 26,589 28,713 --------------------------------------------------------------------------------------------- Total shareholders' equity 1,162,276 620,909 Minority interest in equity 500 500 --------------------------------------------------------------------------------------------- Total equity 1,162,776 621,409 --------------------------------------------------------------------------------------------- Net assets per ordinary share 971p 518p --------------------------------------------------------------------------------------------- 8 CONSOLIDATED CASH FLOW STATEMENT Six months ended Year ended 31 October 2004 30 April 2005 Unaudited Unaudited Â£'000 Â£'000 --------------------------------------------------------------------------------------------- Cash flows from operating activities Cash generated from operations 164,169 289,187 Dividends from joint ventures 510 1,564 Interest received 5,580 11,413 Interest paid (4,055) (7,845) Tax paid (29,534) (59,754) --------------------------------------------------------------------------------------------- Net cash from operating activities 136,670 234,565 --------------------------------------------------------------------------------------------- Cash flows from investing activities Purchase of tangible fixed assets (789) (1,853) Sale of tangible fixed assets 3,365 5,764 Movements in loans with joint ventures 3,910 4,490 Merger expenses (1,536) (1,633) --------------------------------------------------------------------------------------------- Net cash from investing activities 4,950 6,768 --------------------------------------------------------------------------------------------- Cash flows from financing activities Cost of share buybacks (20,656) (20,656) Share options exercised 5,477 5,667 Issue / redemption expenses (2,746) (2,841) Redemption of shares - (604,153) Repayment of loan stock (14) (32) Repayment of bank loan - (100,000) New bank loan issued - 600,000 Equity dividends paid (19,676) (19,676) --------------------------------------------------------------------------------------------- Net cash used in financing activities (37,615) (141,691) --------------------------------------------------------------------------------------------- Net increase in cash and cash equivalents 104,005 99,642 Cash and cash equivalents at 1 May 2004 245,306 245,306 --------------------------------------------------------------------------------------------- Cash and cash equivalents at end of the period 349,311 344,948 --------------------------------------------------------------------------------------------- 9 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Six months ended Year ended 31 October 2004 30 April 2005 Unaudited Unaudited Â£'000 Â£'000 --------------------------------------------------------------------------------------------- Net cash flows from operating activities Continuing operations Profit for the period / year 72,071 114,017 Adjustments for: - Tax 27,092 41,439 - Depreciation 1,151 2,168 - Profit on sale of property, plant and equipment (366) (1,340) - Interest income (6,031) (11,292) - Finance costs 4,145 19,573 - Share of results of joint ventures after tax (7,103) (10,358) - Merger expenses 1,536 1,633 - Non-cash charge in respect of share awards 417 3,533 Changes in working capital: - Increase in inventories (15,105) (26,281) - Decrease in debtors 44,533 31,017 - Increase in creditors 11,747 34,404 - Increase / (decrease) in employee benefit obligations 167 (359) --------------------------------------------------------------------------------------------- Cash generated from continuing operating activities 134,254 198,154 Dividends from joint ventures 183 459 Interest received 5,519 11,292 Interest paid (3,872) (7,528) Taxation (29,534) (59,754) --------------------------------------------------------------------------------------------- Net cash from continuing operating activities 106,550 142,623 --------------------------------------------------------------------------------------------- Discontinued operations Profit for the period / year 6,421 24,941 Adjustments for: - Tax 2,635 10,453 - Depreciation 207 413 - Profit on sale of property, plant and equipment (34) (39) - Interest income (61) (121) - Finance costs 183 317 - Share of results of joint ventures after tax (602) (548) Changes in working capital: - Increase in inventories (2,958) 14,205 - Decrease in debtors 33,999 28,655 - Increase in creditors (9,875) 12,757 --------------------------------------------------------------------------------------------- Cash generated from discontinued operating activities 29,915 91,033 Dividends from joint ventures 327 1,105 Interest received 61 121 Interest paid (183) (317) --------------------------------------------------------------------------------------------- Net cash from discontinued operating activities 30,120 91,942 --------------------------------------------------------------------------------------------- Net cash from operating activities 136,670 234,565 --------------------------------------------------------------------------------------------- Other net cash flows from discontinued operations The Consolidated Cash Flow Statement also includes the following net cash flows from discontinued operations: Net cash from investing activities 4,012 441 Net cash from financing activities - - --------------------------------------------------------------------------------------------- APPENDICES A. Reconciliation of Income statements and Statements of changes in shareholders' equity for the six months ended 31 October 2004 and the year ended 30 April 2005 B. Reconciliation of Balance Sheets at 1 May 2004, 31 October 2004 and 30 April 2005 C. Detailed balance sheet reconciliation at 1 May 2004 D. Detailed balance sheet and income statement reconciliations for six months ended 31 October 2004 E. Detailed balance sheet and income statement reconciliations for year ended 30 April 2005 Appendix A Consolidated profit and loss account Six months Effect of Six months Consolidated income statement for the six months ended ended transition ended for the six months ended 31 October to IFRS 31 October 31 October 2004 under IFRS 2004 2004 UK GAAP IFRS Â£'000 Â£'000 Â£'000 31 October 2004 under UK GAAP Continuing operations --------------------------------------------------------------------------------------------------------------------- Group Turnover 518,665 (99,144) 419,521 Revenue ------------------------------------------------------------------------------------------------------------------ - Continuing operations 401,246 18,275 419,521 - Continuing operations - Discontinued operations 117,419 (117,419) - ------------------------------------------------------------------------------------------------------------------ Cost of sales (374,709) 82,554 (292,155) Cost of sales --------------------------------------------------------------------------------------------------------------------- Gross profit 143,956 (16,590) 127,366 Gross profit Net operating expenses (43,165) 7,509 (35,656) Net operating expenses --------------------------------------------------------------------------------------------------------------------- Group operating profit 100,791 (9,081) 91,710 ------------------------------------------------------------------------------------------------------------------ - Continuing operations 83,328 8,382 91,710 - Continuing operations - Discontinued operations 17,463 (17,463) - ------------------------------------------------------------------------------------------------------------------ Merger expenses (1,536) - (1,536) Merger expenses --------------------------------------------------------------------------------------------------------------------- 99,255 (9,081) 90,174 Operating profit Interest receivable 6,092 (61) 6,031 Interest receivable Interest payable (5,462) 1,317 (4,145) Finance costs Share of operating 10,663 (3,560) 7,103 Share of post tax profits of joint ventures results of joint ventures ------------------------------------------------------------------------------------------------------------------ - Continuing operations 9,756 (2,653) 7,103 - Continuing operations - Discontinued operations 907 (907) - ------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------- Profit on ordinary 110,548 (11,385) 99,163 Profit on ordinary activities before taxation activities before taxation Taxation (32,612) 5,520 (27,092) Taxation --------------------------------------------------------------------------------------------------------------------- Profit on ordinary 77,936 (5,865) 72,071 Profit on ordinary activities after taxation activities after taxation Discontinued operations - 6,421 6,421 Profit for the period from discontinued operations --------------------------------------------------------------------------------------------------------------------- Retained profit for the 77,936 556 78,492 Profit for the financial period period --------------------------------------------------------------------------------------------------------------------- Earnings per Ordinary 65.4p 0.4p 65.8p Earnings per Ordinary Share - Basic Share - Basic ------------------------------------------------------------------------------------------------------------------ - Continuing operations 57.2p 3.1p 60.3p - Continuing operations - Discontinued operations 8.2p (2.7p) 5.5p - Discontinued operations ------------------------------------------------------------------------------------------------------------------ Earnings per Ordinary 64.7p 0.4p 65.1p Earnings per Ordinary Share - Diluted Share - Diluted ------------------------------------------------------------------------------------------------------------------ - Continuing operations 56.6p 3.2p 59.8p - Continuing operations ------------------------------------------------------------------------------------------------------------------ - Discontinued operations 8.1p (2.8p) 5.3p - Discontinued operations --------------------------------------------------------------------------------------------------------------------- Reconciliation of movements in Statement of changes in shareholders' funds for the Six months ended Effect of Six months ended shareholders' equity for six months ended 31 October 2004 31 October 2004 transition 31 October 2004 six months ended 31 October 2004 under UK GAAP UK GAAP to IFRS IFRS under IFRS Â£'000 Â£'000 Â£'000 --------------------------------------------------------------------------------------------------------------------- Retained profit for the 77,936 556 78,492 Profit for the financial period period - (19,646) (19,646) Dividends paid to shareholders Share buy-backs (20,656) - (20,656) Share buy-backs Shares issued on exercise 5,476 - 5,476 Shares issued on of share options exercise of share options Issue/redemption expenses (2,746) - (2,746) Issue/redemption expenses Share redemptions - - - Share redemptions - (1,518) (1,518) Actuarial loss recognised in the pension scheme - 455 455 Deferred tax on actuarial loss in the pension scheme Credit in respect of 753 (336) 417 Credit in respect of employee share schemes employee share schemes - 329 329 Deferred tax in respect of employee share schemes --------------------------------------------------------------------------------------------------------------------- Net movement on equity 60,763 (20,160) 40,603 Net movement on shareholders' funds shareholders' equity Opening equity 1,142,110 (20,437) 1,121,673 Opening shareholders' shareholders' funds equity --------------------------------------------------------------------------------------------------------------------- Closing equity 1,202,873 (40,597) 1,162,276 Closing shareholders' shareholders' funds equity --------------------------------------------------------------------------------------------------------------------- Consolidated profit and loss account Year ended Effect of Year ended Consolidated income statement for the year ended 30 April 2005 30 April 2005 transition 30 April 2005 for the year ended 30 April 2005 under UK GAAP UK GAAP to IFRS IFRS under IFRS Â£'000 Â£'000 Â£'000 Continuing operations --------------------------------------------------------------------------------------------------------------------- Group Turnover 1,070,317 (275,856) 794,461 Revenue ------------------------------------------------------------------------------------------------------------------ - Continuing operations 824,086 (29,625) 794,461 - Continuing operations - Discontinued operations 246,231 (246,231) - ------------------------------------------------------------------------------------------------------------------ Cost of sales (781,429) 216,034 (565,395) Cost of sales --------------------------------------------------------------------------------------------------------------------- Gross profit 288,888 (59,822) 229,066 Gross profit Net operating expenses (89,319) 15,265 (74,054) Net operating expenses --------------------------------------------------------------------------------------------------------------------- Group operating profit 199,569 (44,557) 155,012 ------------------------------------------------------------------------------------------------------------------ - Continuing operations 162,271 (7,259) 155,012 - Continuing operations - Discontinued operations 37,298 (37,298) - ------------------------------------------------------------------------------------------------------------------ Merger expenses (1,633) - (1,633) Merger expenses --------------------------------------------------------------------------------------------------------------------- 197,936 (44,557) 153,379 Operating profit Interest receivable 11,413 (121) 11,292 Interest receivable Interest payable (21,702) 2,129 (19,573) Finance costs Share of operating 15,244 (4,886) 10,358 Share of post tax results profits of joint ventures of joint ventures ------------------------------------------------------------------------------------------------------------------ - Continuing operations 14,330 (3,972) 10,358 - Continuing operations - Discontinued operations 914 (914) - ------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------- Profit on ordinary 202,891 (47,435) 155,456 Profit on ordinary activities before activities before taxation taxation Taxation (58,248) 16,809 (41,439) Taxation --------------------------------------------------------------------------------------------------------------------- Profit on ordinary 144,643 (30,626) 114,017 Profit on ordinary activities after taxation activities after taxation Discontinued operations - 24,941 24,941 Profit for the year from discontinued operations --------------------------------------------------------------------------------------------------------------------- Retained profit for the 144,643 (5,685) 138,958 Profit for the financial year year --------------------------------------------------------------------------------------------------------------------- Earnings per Ordinary 121.0p (4.8p) 116.2p Earnings per Ordinary Share - Basic Share - Basic ------------------------------------------------------------------------------------------------------------------ - Continuing operations 102.5p (7.2p) 95.3p - Continuing operations - Discontinued operations 18.5p 2.4p 20.9p - Discontinued operations ------------------------------------------------------------------------------------------------------------------ Earnings per Ordinary 120.0p (4.9p) 115.1p Earnings per Ordinary Share - Diluted Share - Diluted ------------------------------------------------------------------------------------------------------------------ - Continuing operations 101.7p (7.3p) 94.4p - Continuing operations - Discontinued operations 18.3p 2.4p 20.7p - Discontinued operations ------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------- Reconciliation of movements in Statement of changes in shareholders' funds for the Six months ended Effect of Six months ended shareholders' equity for six months ended 30 April 2005 30 April 2005 transition 30 April 2005 six months ended 31 April 2005 under UK GAAP UK GAAP to IFRS IFRS under IFRS Â£'000 Â£'000 Â£'000 --------------------------------------------------------------------------------------------------------------------- Retained profit for the 144,643 (5,685) 138,958 Profit for the financial year year - (19,646) (19,646) Dividends paid to shareholders Share buy-backs (20,656) - (20,656) Share buy-backs Shares issued on exercise 5,667 - 5,667 Shares issued on exercise of share options of share options Issue/redemption expenses (2,841) - (2,841) Issue/redemption expenses Share redemptions (604,153) - (604,153) Share redemptions - (3,262) (3,262) Actuarial loss recognised in the pension scheme - 978 978 Deferred tax on actuarial loss in the pension scheme Credit in respect of 4,212 (679) 3,533 Credit in respect of employee employee share schemes share schemes - 658 658 Deferred tax in respect of employee share schemes --------------------------------------------------------------------------------------------------------------------- Net movement on equity (473,128) (27,636) (500,764) Net movement on shareholders' funds shareholders' equity Opening equity 1,142,110 (20,437) 1,121,673 Opening shareholders' shareholders' funds equity --------------------------------------------------------------------------------------------------------------------- Closing equity 668,982 (48,073) 620,909 Closing shareholders' shareholders' funds equity --------------------------------------------------------------------------------------------------------------------- Appendix B Consolidated Balance Sheet At At at 1 May 2004 1 May Effect of 1 May Consolidated Balance under UK GAAP 2004 transition 2004 Sheet UK GAAP to IFRS IFRS at 1 May 2004 Â£'000 Â£'000 Â£'000 under IFRS ----------------------------------------------------------------------------- Assets Fixed assets Non-current assets Tangible assets 13,996 - 13,996 Property, plant and equipment Joint ventures 67,907 (8,442) 59,465 Investments accounted for using equity method - 5,146 5,146 Deferred tax assets ----------------------------------------------------------------------------- 81,903 (3,296) 78,607 ----------------------------------------------------------------------------- Current assets Current assets Stocks 1,066,275 24,694 1,090,969 Inventories Debtors 172,301 (66,686) 105,615 Trade and other receivables Cash at bank and in 245,306 - 245,306 Cash and cash hand equivalents ----------------------------------------------------------------------------- 1,483,882 (41,992) 1,441,890 ----------------------------------------------------------------------------- Liabilities Creditors (amounts Current liabilities falling due within one year) Borrowings (25,120) - (25,120) Borrowings Other creditors (excl (277,649) 21,275 (256,374) Trade and other corporation tax payables creditor) Corporation tax (35,827) 11,386 (24,441) Current tax creditor liabilities ----------------------------------------------------------------------------- (338,596) 32,661 (305,935) ----------------------------------------------------------------------------- Net current assets 1,145,286 (9,331) 1,135,955 Net current assets ----------------------------------------------------------------------------- Total assets less 1,227,189 (12,627) 1,214,562 Total assets less current liabilities current liabilities ----------------------------------------------------------------------------- Creditors (amounts Non-current falling due after one liabilities year) Borrowings (75,000) - (75,000) Borrowings - (8,877) (8,877) Retirement benefit obligation Other creditors (9,579) 1,067 (8,512) Other creditors ---------------------------------------------------------------------------- (84,579) (7,810) (92,389) ---------------------------------------------------------------------------- Net assets 1,142,610 (20,437) 1,122,173 Net assets ---------------------------------------------------------------------------- Capital and reserves Shareholders' equity Share capital 30,516 - 30,516 Share capital Share premium - - - Share premium Capital redemption - - - Capital redemption reserve reserve Other reserve 431,055 - 431,055 Other reserve Retained profit 652,725 (11,995) 640,730 Retained earnings Joint ventures' 27,814 (8,442) 19,372 Joint ventures' reserves reserves ---------------------------------------------------------------------------- Equity shareholders' 1,142,110 (20,437) 1,121,673 Total shareholders' funds equity Equity minority 500 - 500 Minority interest in interest equity ---------------------------------------------------------------------------- Total shareholders' 1,142,610 (20,437) 1,122,173 Total equity funds ---------------------------------------------------------------------------- Net assets per 944p (4p) 940p Net assets per ordinary share ordinary share ---------------------------------------------------------------------------- Consolidated Balance Sheet at 31 October 2004 At 31 At under UK GAAP October Effect of 31 October Consolidated Balance 2004 transition 2004 Sheet UK GAAP to IFRS IFRS at 31 October 2004 Â£'000 Â£'000 Â£'000 under IFRS ------------------------------------------------------------------------------- Assets Fixed assets Non-current assets Tangible assets 10,462 - 10,462 Property, plant and equipment Joint ventures 70,794 (6,865) 63,929 Investments accounted for using equity method - 4,816 4,816 Deferred tax assets ------------------------------------------------------------------------------- 81,256 (2,049) 79,207 ------------------------------------------------------------------------------- Current assets Current assets Stocks 1,070,871 38,161 1,109,032 Inventories Debtors 108,416 (80,821) 27,595 Trade and other receivables Cash at bank and in 349,311 - 349,311 Cash and cash hand equivalents ------------------------------------------------------------------------------- 1,528,598 (42,660) 1,485,938 ------------------------------------------------------------------------------- Liabilities Creditors (amounts Current liabilities falling due within one year) Borrowings (25,106) - (25,106) Borrowings Other creditors (excl (255,309) 1,873 (253,436) Trade and other corporation tax payables creditor) Corporation tax (35,323) 11,803 (23,520) Current tax liabilities creditor ------------------------------------------------------------------------------- (315,738) 13,676 (302,062) ------------------------------------------------------------------------------- Net current assets 1,212,860 (28,984) 1,183,876 Net current assets ------------------------------------------------------------------------------- Total assets less 1,294,116 (31,033) 1,263,083 Total assets less current liabilities current liabilities ------------------------------------------------------------------------------- Creditors (amounts Non-current liabilities falling due after one year) Borrowings (75,000) - (75,000) Borrowings - (10,716) (10,716) Retirement benefit obligation Other creditors (15,743) 1,152 (14,591) Other creditors ------------------------------------------------------------------------------- (90,743) (9,564) (100,307) ------------------------------------------------------------------------------- Net assets 1,203,373 (40,597) 1,162,776 Net assets ------------------------------------------------------------------------------- Capital and reserves Shareholders' equity Share capital 30,200 - 30,200 Share capital Share premium - - - Share premium Capital redemption - - - Capital redemption reserve reserve Other reserve (961,299) - (961,299) Other reserve Retained profit 2,100,518 (33,732) 2,066,786 Retained earnings Joint ventures' 33,454 (6,865) 26,589 Joint ventures' reserves reserves ------------------------------------------------------------------------------- Equity shareholders' 1,202,873 (40,597) 1,162,276 Total shareholders' funds equity Equity minority 500 - 500 Minority interest in interest equity ------------------------------------------------------------------------------- Total shareholders' 1,203,373 (40,597) 1,162,776 Total equity funds ------------------------------------------------------------------------------- Net assets per ordinary 1,005p (34p) 971p Net assets per ordinary share share ------------------------------------------------------------------------------- Consolidated Balance Sheet At At at 30 April 2005 30 April Effect of 30 April Consolidated Balance under UK GAAP 2005 transition 2005 Sheet UK GAAP to IFRS IFRS at 30 April 2005 Â£'000 Â£'000 Â£'000 under IFRS -------------------------------------------------------------------------------- Assets Fixed assets Non-current assets Tangible assets 8,883 - 8,883 Property, plant and equipment Joint ventures 70,449 (5,952) 64,497 Investments accounted for using equity method - 8,074 8,074 Deferred tax assets -------------------------------------------------------------------------------- 79,332 2,122 81,454 -------------------------------------------------------------------------------- Current assets Current assets Stocks 1,053,674 49,371 1,103,045 Inventories Debtors 156,543 (107,670) 48,873 Trade and other receivables Cash at bank and in hand 344,948 - 344,948 Cash and cash equivalents -------------------------------------------------------------------------------- 1,555,165 (58,299) 1,496,866 -------------------------------------------------------------------------------- Liabilities Creditors (amounts Current liabilities falling due within one year) Borrowings (88) - (88) Borrowings Other creditors (excl (295,994) 2,098 (293,896) Trade and other payables corporation tax creditor) Corporation tax creditor (32,924) 15,054 (17,870) Current tax liabilities -------------------------------------------------------------------------------- (329,006) 17,152 (311,854) -------------------------------------------------------------------------------- Net current assets 1,226,159 (41,147) 1,185,012 Net current assets -------------------------------------------------------------------------------- Total assets less 1,305,491 (39,025) 1,266,466 Total assets less current liabilities current liabilities -------------------------------------------------------------------------------- Creditors (amounts Non-current liabilities falling due after one year) Borrowings (600,000) - (600,000) Borrowings - (12,089) (12,089) Retirement benefit obligation Other creditors (36,009) 3,041 (32,968) Other creditors -------------------------------------------------------------------------------- (636,009) (9,048) (645,057) -------------------------------------------------------------------------------- Net assets 669,482 (48,073) 621,409 Net assets -------------------------------------------------------------------------------- Capital and reserves Shareholders' equity Share capital 24,164 - 24,164 Share capital Share premium 264 - 264 Share premium Capital redemption 6,091 - 6,091 Capital redemption reserve reserve Other reserve (961,299) - (961,299) Other reserve Retained profit 1,565,097 (42,121) 1,522,976 Retained earnings Joint ventures' reserves 34,665 (5,952) 28,713 Joint ventures' reserves -------------------------------------------------------------------------------- Equity shareholders' 668,982 (48,073) 620,909 Total shareholders' funds equity Equity minority interest 500 - 500 Minority interest in -------------------------------------------------------------------------------- Total shareholders' 669,482 (48,073) 621,409 Total equity funds -------------------------------------------------------------------------------- Net assets per ordinary 558p (40p) 518p Net assets per ordinary share share -------------------------------------------------------------------------------- Appendix C ----------------------------------------------------------------------------------- Opening Balance 1 May IAS 12 Sheet Restatement 2004 IAS 18 IAS 10 IAS 19 Deferred Consolidated Consolidated UK GAAP Revenue Proposed Employee Tax Balance Sheet Balance Sheet Â£'000 Recognition Dvidends Benefits Reclassfn. under IFRS under UK GAAP Assets ----------------------------------------------------------------------------------- Fixed assets Non-current assets Tangible assets 13,996 Property, plant and equipment Joint ventures 67,907 Investments using equity method - 2,174 2,972 Deferred tax assets ----------------------------------------------------------------------------------- 81,903 - - 2,174 2,972 ----------------------------------------------------------------------------------- Current assets Current assets Stocks 1,066,275 27,410 Inventories Debtors 172,301 (63,714) (2,972) Trade and other receivables Cash at bank and 245,306 Cash and cash in hand equivalents ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- 1,483,882 (36,304) - - (2,972) Liabilities Creditors (amounts Current falling due within liabilities one year) Borrowings (25,120) Borrowings Other creditors (277,649) 19,646 1,629 Trade and other (excl corporation payables tax creditor) Corporation tax (35,827) 10,891 Current tax creditor liabilities ----------------------------------------------------------------------------------- (338,596) 10,891 19,646 1,629 - ----------------------------------------------------------------------------------- Net current assets 1,145,286 (25,413) 19,646 1,629 (2,972) Net current assets ----------------------------------------------------------------------------------- Total assets less 1,227,189 (25,413) 19,646 3,803 - Total assets current less current liabilities liabilities ----------------------------------------------------------------------------------- Creditors (amounts Non-current falling due after liabilities one year) Borrowings (75,000) Borrowings - (8,877) Retirement benefit obligation Other creditors (9,579) Other creditors ----------------------------------------------------------------------------------- (84,579) - - (8,877) - ----------------------------------------------------------------------------------- 1,142,610 (25,413) 19,646 (5,074) - ----------------------------------------------------------------------------------- Capital and Shareholders' reserves equity Share capital 30,516 Share capital Share premium - Share premium Capital redemption - Capital reserve redemption reserve Other reserve 431,055 Other reserve Retained profit 652,725 (25,413) 19,646 (5,074) Retained profit Joint ventures' 27,814 Joint ventures' reserves reserves ----------------------------------------------------------------------------------- Equity 1,142,110 - - - - Total shareholders' shareholders' funds equity Equity minority 500 Minority interest interest in shareholders' equity ---------------------------------------------------------------------------------------------- Total 1,142,610 (25,413) 19,646 (5,074) - Total equity shareholders' funds ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Opening Balance Sheet Restatement IAS 2 IFRS 2 JV: IAS 2 1 May Consolidated Land 2000 JV: IAS 18 Land 2004 Consolidated Balance Sheet Creditor LTIP Rvenue Creditor IFRS Balance Sheet under UK GAAP Discounting Charge Recognition Discounting Â£'000 under IFRS Red'n. Assets Fixed assets Non-current assets Tangible assets 13,996 Property, plant and equipment Joint ventures (3,931) (4,511) 59,465 Investments using equity method 5,146 Deferred tax assets ---------------------------------------------------------------------------------------------- - - (3,931) (4,511) 78,607 ---------------------------------------------------------------------------------------------- Current assets Current assets Stocks (2,716) 1,090,969 Inventories Debtors 105,615 Trade and other receivables Cash at bank and in 245,306 Cash and cash hand equivalents ---------------------------------------------------------------------------------------------- (2,716) - - - 1,441,890 ---------------------------------------------------------------------------------------------- Liabilities Creditors (amounts Current falling due within liabilities one year) Borrowings (25,120) Borrowings Other creditors (256,374) Trade and other (excl corporation payables tax creditor) Corporation tax 495 (24,441) Current tax creditor liabilities ---------------------------------------------------------------------------------------------- 495 - - - (305,935) ---------------------------------------------------------------------------------------------- Net current assets (2,221) - - - 1,135,955 Net current assets ---------------------------------------------------------------------------------------------- Total assets less (2,221) - (3,931) (4,511) 1,214,562 Total assets less current liabilities current liabilities ---------------------------------------------------------------------------------------------- Creditors (amounts Non-current falling due after liabilities one year) Borrowings (75,000) Borrowings (8,877) Retirement benefit obligation Other creditors 1,067 (8,512) Other creditors ---------------------------------------------------------------------------------------------- 1,067 - - - (92,389) ---------------------------------------------------------------------------------------------- (1,154) - (3,931) (4,511) 1,122,173 ---------------------------------------------------------------------------------------------- Capital and Shareholders' reserves equity Share capital 30,516 Share capital Share premium - Share premium Capital redemption - Capital reserve redemption reserve Other reserve 431,055 Other reserve Retained profit (1,154) 640,730 Retained profit Joint ventures' (3,931) (4,511) 19,372 Joint ventures' reserves reserves ---------------------------------------------------------------------------------------------- Equity - - - - 1,121,673 Total shareholders' funds shareholders' equity Equity minority 500 Minority interest interest in shareholders' equity ---------------------------------------------------------------------------------------------- Total shareholders' (1,154) - (3,931) (4,511) 1,122,173 Total equity funds ---------------------------------------------------------------------------------------------- Appendix D ---------------------------------------------------------------------------------------------- Half Year 2004-05 31 October restatement IAS 12 Consolidated 2004 IAS 18 IAS 10 IAS 19 Deferred Consolidated Balance Sheet UK GAAP Revenue Proposed Employee Tax Balance Sheet under UK GAAP Â£'000 Recognition Dividends Benefits Reclassfn under IFRS Assets Fixed assets Non-current assets Tangible assets 10,462 Property, plant and equipment Joint ventures 70,794 Investments using equity method - 2,653 2,163 Deferred tax assets ---------------------------------------------------------------------------------------------- 81,256 - - 2,653 2,163 ---------------------------------------------------------------------------------------------- Current assets Current assets Stocks 1,070,871 41,308 Inventories Debtors 108,416 (78,658) (2,163) Trade and other receivables Cash at bank and 349,311 Cash and cash in hand equivalents ---------------------------------------------------------------------------------------------- 1,528,598 (37,350) - - (2,163) ---------------------------------------------------------------------------------------------- Liabilities Creditors (amounts Current falling due within liabilities one year) Borrowings (25,106) Borrowings Other creditors (255,309) 1,873 Trade and other (excl corporation payables tax creditor) Corporation tax (35,323) 11,205 Current tax creditor liabilities ---------------------------------------------------------------------------------------------- (315,738) 11,205 - 1,873 - ---------------------------------------------------------------------------------------------- Net current assets 1,212,860 (26,145) - 1,873 (2,163) Net current assets ---------------------------------------------------------------------------------------------- Total assets less 1,294,116 (26,145) - 4,526 - Total assets current less current liabilities liabilities ---------------------------------------------------------------------------------------------- Creditors (amounts Non-current falling due after liabilities one year) Borrowings (75,000) Borrowings - (10,716) Retirement benefit obligation Other creditors (15,743) Other creditors ---------------------------------------------------------------------------------------------- (90,743) - - (10,716) - ---------------------------------------------------------------------------------------------- 1,203,373 (26,145) - (6,190) - ---------------------------------------------------------------------------------------------- Capital and Shareholders' reserves equity Share capital 30,200 Share capital Share premium - Share premium Capital redemption - Capital reserve redemption reserve Other reserve (961,299) Other reserve Retained profit 2,100,518 (26,145) (6,190) Retained profit Joint ventures' 33,454 Joint ventures' ---------------------------------------------------------------------------------------------- reserves reserves Equity 1,202,873 (26,145) - (6,190) - Total shareholders' shareholders' funds equity Equity minority 500 Minority interest interest in shareholders' equity ---------------------------------------------------------------------------------------------- Total 1,203,373 (26,145) - (6,190) - Total equity shareholders' funds ---------------------------------------------------------------------------------------------- Half Year 2004-05 IAS 2 IFRS 2 JV: IAS 18 JV: IAS 2 31 restatement October 2004 Consolidated Land 2000 Revenue Land IFRS Consolidated Balance Sheet Creditor LTIP Creditor Balance Sheet under UK GAAP Discounting Charge Recognition Discounting Â£'000 under IFRS Red'n Assets Fixed assets Non-current assets Tangible assets 10,462 Property, plant and equipment Joint ventures (2,652) (4,213) 63,929 Investments using equity method 4,816 Deferred tax assets ---------------------------------------------------------------------------------------------- - - (2,652) (4,213) 79,207 ---------------------------------------------------------------------------------------------- Current assets Current assets Stocks (3,147) 1,109,032 Inventories Debtors 27,595 Trade and other receivables Cash at bank and in 349,311 Cash and cash hand equivalents ---------------------------------------------------------------------------------------------- (3,147) - - - 1,485,938 ---------------------------------------------------------------------------------------------- Liabilities Creditors (amounts Current falling due within liabilities one year) Borrowings (25,106) Borrowings Other creditors (253,436) Trade and other (excl corporation payables tax creditor) Corporation tax 598 (23,520) Current tax creditor liabilities ---------------------------------------------------------------------------------------------- 598 - - - (302,062) ---------------------------------------------------------------------------------------------- Net current assets (2,549) - - - 1,183,876 Net current assets ---------------------------------------------------------------------------------------------- Total assets less (2,549) - (2,652) (4,213) 1,263,083 Total assets less current liabilities current liabilities ---------------------------------------------------------------------------------------------- Creditors (amounts Non-current falling due after liabilities one year) Borrowings (75,000) Borrowings (10,716) Retirement benefit obligation Other creditors 1,152 (14,591) Other creditors ---------------------------------------------------------------------------------------------- 1,152 - - - (100,307) ---------------------------------------------------------------------------------------------- (1,397) - (2,652) (4,213) 1,162,776 Capital and Shareholders' reserves equity ---------------------------------------------------------------------------------------------- Share capital 30,200 Share capital Share premium - Share premium Capital redemption - Capital reserve redemption reserve Other reserve (961,299) Other reserve Retained profit (1,397) 2,066,786 Retained profit Joint ventures' (2,652) (4,213) 26,589 Joint ventures' reserves reserves ---------------------------------------------------------------------------------------------- Equity (1,397) - (2,652) (4,213) 1,162,276 Total shareholders' funds shareholders' equity Equity minority 500 Minority interest interest in shareholders' equity ---------------------------------------------------------------------------------------------- Total shareholders' (1,397) - (2,652) (4,213) 1,162,776 Total equity funds ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Half Year 2004-05 restatement 31 IAS 18 IAS 10 IAS 19 IAS 2 IFRS 2 Consolidated October profit and loss 2004 2000 Consolidated account UK GAAP Revenue Proposed Employee Land Cred. LTIP Income Statement under UK GAAP Â£'000 Recognition Dividends Benefits Discounting Charge Red'n. under IFRS ---------------------------------------------------------------------------------------------- Turnover 587,357 (14,944) including share of joint ventures Less: share of (68,692) - Continuing joint ventures' operations turnover ---------------------------------------------------------------------------------------------- Group Turnover 518,665 (14,944) - - - - Revenue Cost of sales (374,709) 13,898 127 Cost of sales ---------------------------------------------------------------------------------------------- Gross profit 143,956 (1,046) - - 127 - Gross profit Net operating (43,165) 78 336 Net operating expenses expenses Merger expenses (1,536) Merger expenses Net interest 630 (155) (473) Finance costs - receivable net Share of 10,663 Share of post operating profit tax results of in joint joint ventures ventures ---------------------------------------------------------------------------------------------- Profit on 110,548 (1,046) - (77) (346) 336 Profit on ordinary ordinary activities activities before taxation before taxation Taxation on (32,612) 314 23 104 (329) Taxation profit on ordinary activities ---------------------------------------------------------------------------------------------- Profit on 77,936 (732) - (54) (242) 7 Profit on ordinary ordinary activities after activities after taxation taxation Discontinued operations - Profit from discontinued operations ---------------------------------------------------------------------------------------------- Retained profit 77,936 (732) - (54) (242) 7 Profit for the period attributable to equity shareholders ---------------------------------------------------------------------------------------------- Other movements (17,173) (19,646) (1,518) (336) Other movements on shareholders' on equity funds - 455 329 Tax impact of other movements on equity ---------------------------------------------------------------------------------------------- Net movement on 60,763 (732) (19,646) (1,117) (242) - Net movements on equity shareholders' shareholders' equity funds ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Half Year 2004-05 restatement Consolidated IAS 31 IFRS 5 JV: IAS 18 JV: IAS 2 JV 31 October Consolidated profit and loss Reclass. 2004 Income account JV Discont'd Revenue Land Cred. Turnover IFRS Statement under UK GAAP Int. & Operations Recognition Discounting Not Â£'000 under IFRS Tax Discl. ---------------------------------------------------------------------------------------------- Turnover (89,576) (894) (62,422) including share of joint ventures Less: share of 5,376 894 62,422 Continuing joint ventures' operations turnover ---------------------------------------------------------------------------------------------- Group Turnover - (84,200) - - - 419,521 Revenue Cost of sales 68,529 (292,155) Cost of sales ---------------------------------------------------------------------------------------------- Gross profit - (15,671) - - - 127,366 Gross profit Net operating 7,095 (35,656) Net operating expenses expenses Merger expenses (1,536) Merger expenses Net interest 1,762 122 1,886 Finance costs - receivable net Share of (4,535) (602) 1,279 298 7,103 Share of post operating tax results of profit in joint joint ventures ventures ---------------------------------------------------------------------------------------------- Profit on (2,773) (9,056) 1,279 298 - 99,163 Profit on ordinary ordinary activities activities before taxation before taxation Taxation on 2,773 2,635 (27,092) Taxation profit on ordinary activities ---------------------------------------------------------------------------------------------- Profit on - (6,421) 1,279 298 - 72,071 Profit on ordinary ordinary activities activities after taxation after taxation Discontinued operations 6,421 6,421 Profit from discontinued operations ---------------------------------------------------------------------------------------------- Retained profit - - 1,279 298 - 78,492 Profit for the period attributable to equity shareholders ---------------------------------------------------------------------------------------------- Other movements (38,673) Other movements on on equity shareholders' funds ---------------------------------------------------------------------------------------------- 784 Tax impact of other movements on equity Net movement on - - 1,279 298 - 40,603 Net movements equity on shareholders' shareholders' funds equity ---------------------------------------------------------------------------------------------- Appendix E ---------------------------------------------------------------------------------------------- Full Year 2004-05 30 April restatement 2005 IAS 18 IAS 10 IAS 19 IAS 12 Consolidated UK GAAP Revenue Proposed Employee Deferred Consolidated Balance Sheet Tax Balance Sheet under UK GAAP Â£'000 Recognition Dividends Benefits Reclassfn under IFRS Assets ---------------------------------------------------------------------------------------------- Fixed assets Non-current assets Tangible assets 8,883 Property, plant and equipment Joint ventures 70,449 Investments using equity method - 2,997 5,077 Deferred tax assets ---------------------------------------------------------------------------------------------- 79,332 - - 2,997 5,077 ---------------------------------------------------------------------------------------------- Current assets Current assets Stocks 1,053,674 55,017 Inventories Debtors 156,543 (102,593) (5,077) Trade and other receivables Cash at bank and in 344,948 Cash and cash hand equivalents ---------------------------------------------------------------------------------------------- 1,555,165 (47,576) - - (5,077) ---------------------------------------------------------------------------------------------- Liabilities Creditors (amounts Current falling due within liabilities one year) Borrowings (88) Borrowings Other creditors (295,994) 2,098 Trade and other (excl corporation payables tax creditor) Corporation tax (32,924) 14,273 Current tax creditor liabilities ---------------------------------------------------------------------------------------------- (329,006) 14,273 - 2,098 - ---------------------------------------------------------------------------------------------- Net current assets 1,226,159 (33,303) - 2,098 (5,077) Net current assets ---------------------------------------------------------------------------------------------- Total assets less 1,305,491 (33,303) - 5,095 - Total assets less current liabilities current liabilities Creditors (amounts Non-current falling due after liabilities one year) ---------------------------------------------------------------------------------------------- Borrowings (600,000) Borrowings (12,089) Retirement benefit obligation Other creditors (36,009) Other creditors ---------------------------------------------------------------------------------------------- (636,009) - - (12,089) - ---------------------------------------------------------------------------------------------- 669,482 (33,303) - (6,994) - ---------------------------------------------------------------------------------------------- Capital and Shareholders' reserves equity Share capital 24,164 Share capital Share premium 264 Share premium Capital redemption 6,091 Capital reserve redemption reserve Other reserve (961,299) Other reserve Retained profit 1,565,097 (33,303) (6,994) Retained profit Joint ventures' 34,665 Joint ventures' reserves reserves ---------------------------------------------------------------------------------------------- Equity 668,982 (33,303) - (6,994) - Total shareholders' funds shareholders' equity Equity minority 500 Minority interest interest in shareholders' equity ---------------------------------------------------------------------------------------------- Total shareholders' 669,482 (33,303) - (6,994) - Total equity funds ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Full Year 2004-05 IAS 2 IFRS 2 JV: IAS 18 JV: IAS 2 30 April restatement 2005 Consolidated Land 2000 Revenue Land IFRS Consolidated Balance Sheet Creditor LTIP Creditor Balance Sheet under UK GAAP Discounting Charge Recognition Discounting Â£'000 under IFRS Red'n ---------------------------------------------------------------------------------------------- Assets Fixed assets Non-current assets Tangible assets 8,883 Property, plant and equipment Joint ventures (2,036) (3,916) 64,497 Investments using equity method 8,074 Deferred tax assets ---------------------------------------------------------------------------------------------- - - (2,036) (3,916) 81,454 ---------------------------------------------------------------------------------------------- Current assets Current assets Stocks (5,646) 1,103,045 Inventories Debtors 48,873 Trade and other receivables Cash at bank and in 344,948 Cash and cash hand equivalents ---------------------------------------------------------------------------------------------- (5,646) - - - 1,496,866 ---------------------------------------------------------------------------------------------- Liabilities Creditors (amounts Current falling due within liabilities one year) Borrowings (88) Borrowings Other creditors (293,896) Trade and other (excl corporation payables tax creditor) Corporation tax 781 (17,870) Current tax creditor liabilities ---------------------------------------------------------------------------------------------- 781 - - - (311,854) ---------------------------------------------------------------------------------------------- Net current assets (4,865) - - - 1,185,012 Net current assets ---------------------------------------------------------------------------------------------- Total assets less (4,865) - (2,036) (3,916) 1,266,466 Total assets less current liabilities current liabilities ---------------------------------------------------------------------------------------------- Creditors (amounts Non-current falling due after liabilities one year) Borrowings (600,000) Borrowings (12,089) Retirement benefit obligation Other creditors 3,041 (32,968) Other creditors ---------------------------------------------------------------------------------------------- 3,041 - - - (645,057) ---------------------------------------------------------------------------------------------- (1,824) - (2,036) (3,916) 621,409 ---------------------------------------------------------------------------------------------- Capital and Shareholders' reserves equity Share capital 24,164 Share capital Share premium 264 Share premium Capital redemption 6,091 Capital redemption reserve reserve Other reserve (961,299) Other reserve Retained profit (1,824) 1,522,976 Retained profit Joint ventures' (2,036) (3,916) 28,713 Joint ventures' reserves reserves ---------------------------------------------------------------------------------------------- Equity (1,824) - (2,036) (3,916) 620,909 Total shareholders' funds shareholders' equity Equity minority 500 Minority interest interest in shareholders' equity ---------------------------------------------------------------------------------------------- Total shareholders' (1,824) - (2,036) (3,916) 621,409 Total equity funds ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Full Year 2004-05 restatement Consolidated 30 April IAS 18 IAS 10 IAS 19 IAS 2 IFRS 2 profit and loss 2005 Land 2000 Consolidated account UK GAAP Revenue Proposed Employee Creditor LTIP Income Statement under UK GAAP Â£'000 Recognition Dividends Benefits Discounting Charge under IFRS Red'n ---------------------------------------------------------------------------------------------- Turnover 1,216,193 (38,879) including share of joint ventures Less: share of (145,876) - Continuing joint ventures' operations turnover ---------------------------------------------------------------------------------------------- Group Turnover 1,070,317 (38,879) - - - - Revenue Cost of sales (781,429) 27,607 250 Cost of sales ---------------------------------------------------------------------------------------------- Gross profit 288,888 (11,272) - - 250 - Gross profit Net operating (89,319) 828 679 Net operating expenses expenses Merger expenses (1,633) Merger expenses Net interest (10,289) (309) (1,206) Finance costs - payable net Share of 15,244 Share of post operating profit tax results of in joint joint ventures ventures ---------------------------------------------------------------------------------------------- Profit on 202,891 (11,272) - 519 (956) 679 Profit on ordinary ordinary activities activities before taxation before taxation Taxation on (58,248) 3,382 (156) 287 (658) Taxation profit on ordinary activities ---------------------------------------------------------------------------------------------- Profit on 144,643 (7,890) - 363 (669) 21 Profit on ordinary ordinary activities after activities after taxation taxation Discontinued operations Profit from discontinued operations ---------------------------------------------------------------------------------------------- Retained profit 144,643 (7,890) - 363 (669) 21 Profit for the year attributable to equity shareholders ---------------------------------------------------------------------------------------------- Other movements (19,646) (3,262) (679) Other movements on shareholders' (617,771) on equity funds - 978 658 Tax impact of other movements on equity ---------------------------------------------------------------------------------------------- Net movement on (473,128) (7,890) (19,646) (1,921) (669) - Net movements on equity shareholders' shareholders' equity funds ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Full Year 2004-05 restatement Consolidated IAS 31 JV: IAS 2 30 April Consolidated profit and loss Reclass. IFRS 5 JV: IAS 18 Land JV 2005 Income account JV Discont'd Revenue Creditor Turnover IFRS Statement under UK GAAP Int. & Operations Recognition Discounting Not Â£'000 under IFRS Tax Discl. ---------------------------------------------------------------------------------------------- Turnover (242,475) 3,257 (143,635) including share of joint ventures Less: share of 5,498 (3,257) 143,635 Continuing joint ventures' operations turnover ---------------------------------------------------------------------------------------------- Group Turnover - (236,977) - - - 794,461 Revenue Cost of sales 188,177 (565,395) Cost of sales ---------------------------------------------------------------------------------------------- Gross profit - (48,800) - - - 229,066 Gross profit Net operating 13,758 (74,054) Net operating expenses expenses Merger expenses - (1,633) Merger expenses Net interest 3,327 196 (8,281) Finance costs - payable net Share of (6,828) (548) 1,895 595 10,358 Share of post operating tax results of profit in joint joint ventures ventures ---------------------------------------------------------------------------------------------- Profit on (3,501) (35,394) 1,895 595 - 155,456 Profit on ordinary ordinary activities activities before taxation before taxation Taxation on 3,501 10,453 (41,439) Taxation profit on ordinary activities ---------------------------------------------------------------------------------------------- Profit on - (24,941) 1,895 595 - 114,017 Profit on ordinary ordinary activities activities after taxation after taxation Discontinued operations 24,941 24,941 Profit from discontinued operations ---------------------------------------------------------------------------------------------- Retained profit - - 1,895 595 - 138,958 Profit for the year attributable to equity shareholders ---------------------------------------------------------------------------------------------- Other movements (641,358) Other movements on on equity shareholders' funds 1,636 Tax impact of other movements on equity ---------------------------------------------------------------------------------------------- Net movement on - - 1,895 595 - (500,764) Net movements equity on shareholders' shareholders' funds equity ---------------------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange

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Berkeley Group Holdings (The) (BKG)

Wednesday, 8th May 2024

COMPANIES COVERED:

MBT OSB OCTP

Small cap Mobile Tornado sees its share price spiral higher after striking a deal with a Middle East client, Oxford Cannabinoid slumps off news of delisting and OSB leads the FTSE-250 on well received earnings news.

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