Statement re IFRS

Inchcape PLC
12 May 2005



12 May 2005

Inchcape issues unaudited results for 2004 under IFRS

Inchcape plc, the international automotive services group, has today published
its unaudited full year results, for the year ended 31 December 2004, under
International Financial Reporting Standards (IFRS). The full report, which is
now available on Inchcape's website www.inchcape.com, covers the following
areas:

   • Basis of preparation;
   • First time application;
   • Impact of transition including profit reconciliation from UK GAAP to IFRS;
   • Principal accounting policies; and
   • Segmental reporting.

Reconciliations of UK GAAP to IFRS for the six months ended 30 June 2004, and
the financial position as at 1 January 2005 following the adoption of IAS 32 and
IAS 39, are also included.

The impact of the transition is broadly neutral on profit before tax and
earnings subject to the achievement of hedge effectiveness under IAS 39. Net
assets are reduced mainly due to the inclusion of the net pension deficit in the
balance sheet. Cash flow and the underlying economics of the business are
however unchanged.

In order to ensure the effective communication of the transition, Inchcape will
be holding an analyst briefing to explain the detail behind the changes. This
will be held at our Retail pre-delivery inspection centre in Brooklands, Surrey,
on 13 May 2005. At this meeting a presentation will also be given on the scale
and structure of the Eastern European car markets, as this is a key area of
strategic focus for the Group. The presentation material will be available on
the Inchcape website from 13 May 2005.

No further trading information will be provided at that meeting other than that
disclosed in the Annual General Meeting Trading Statement, which has also been
issued today.


Notes to editors

You can view the Annual General Meeting (AGM) Trading Statement by visiting our
website www.inchcape.com. The AGM slides and speeches will be available online,
under 'Presentations', from approximately 1200hrs today. The results of the AGM
resolutions will also be available today, under 'News Desk', from 1600hrs.

For further information, please contact:

Group Communications, Inchcape plc 
020 7546 0022

Hogarth Partnership Limited (John Olsen/Barnaby Fry) 
020 7357 9477

Inchcape, an international automotive services group, provides quality
representation for its manufacturer partners, a choice of channels to market and
products for its retail customers and a range of business services for its
corporate customers. Operations are focused on the UK, Greece, Belgium,
Australia, Hong Kong and Singapore. Inchcape's activities include exclusive
Import, Distribution and Retail, Business Services, automotive E-commerce and
Financial Services. Our key manufacturer partners are Toyota/Lexus, Subaru, BMW,
the Premier Automotive Group of Ford, Mazda, Mercedes-Benz and Volkswagen.

For further information, visit us at www.inchcape.com




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