IFRS Statement
T&F Informa PLC
13 June 2005
13 June 2005
T&F INFORMA PLC
UPDATE ON ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
T&F Informa plc is preparing for the adoption of International Financial
Reporting Standards ('IFRS') as its primary accounting basis for the year ending
31 December 2005. As part of this transition, the Group is today presenting
unaudited financial information prepared in accordance with IFRS for the year
ended 31 December 2004(1).
This press release explains how the Group's previously reported UK GAAP
financial performance and position are reported under IFRS. It provides
reconciliations from UK GAAP to IFRS for the following:
• the Group's unaudited consolidated IFRS income statement for the year
ended 31 December 2004(2); and
• the Group's unaudited consolidated IFRS balance sheet at 31 December 2004(2).
The principal changes to T&F Informa plc's reported financial information under
UK GAAP arising from the adoption of IFRS are as a result of the:
• adoption of the acquisition accounting method, rather than merger
accounting, for the combination of Taylor & Francis Group plc and Informa
Group plc on 10 May 2004. Under IFRS 3, this results in the recognition of
significant additional intangible assets, goodwill and deferred taxation as
well as the exclusion of the results of Taylor & Francis Group plc for the
pre-acquisition period from 1 January 2004 to 10 May 2004. Certain costs,
treated as merger costs under UK GAAP, have been reclassified as costs of
acquisition and added to goodwill in the balance sheet. Informa Group plc
(subsequently renamed T&F Informa plc) is deemed to be the acquiring company;
• recognition of pension obligations;
• requirement not to amortise goodwill but instead only to amortise the
separately recognised intangible assets;
• recognition of deferred tax liabilities and assets on all temporary
differences as opposed to just timing differences;
• inclusion of a 'fair value' charge in relation to employee share options;
and
• write off of deferred promotional expenditure.
(1) This information relates to T&F Informa plc and excludes the recently
announced acquisition of IIR Holdings Limited.
(2) Attention is drawn to the fact that under IFRS, only a complete set of
financial statements comprising a balance sheet, income statement, statement
of changes in equity, cash flow statement, together with comparative
information and explanatory notes, can provide a fair presentation of the
company's financial position, results of operations and cash flows.
The consolidated IFRS income statement for the year ended 31 December 2004 and
the consolidated IFRS balance sheet as at 31 December 2004 are prepared on the
basis set out in 'Basis of preparation' on pages 1 and 2 of the following
statements.
The financial information contained on pages 6 to 12, has been prepared in
accordance with applicable International Financial Reporting Standards ('IFRS'),
including International Accounting Standards ('IAS') and interpretations issued
by the International Accounting Standards Board ('IASB') and its committees.
These standards are subject to ongoing amendment by the IASB and subsequent
endorsement by the European Commission and are therefore subject to possible
change. As a result, information contained within these statements may require
updating for any subsequent amendments to IFRS required for 'first time adoption
' (IFRS 1) or any new IFRS standards that the Group may elect to adopt early.
The financial information presented is unaudited and for illustration purposes
only.
Enquiries:
Anthony Foye, Finance Director
T&F Informa plc Tel: +44 20 7017 5291
Charles Palmer
Tim Spratt
Financial Dynamics Tel: +44 20 7831 3113
Basis of preparation
The financial information presented in this document has been prepared in
accordance with applicable International Financial Reporting Standards ('IFRS'),
including International Accounting Standards ('IAS') and interpretations issued
by the International Accounting Standards Board ('IASB') and its committees.
These standards are subject to ongoing amendment by the IASB and subsequent
endorsement by the European Commission and are therefore subject to possible
change. As a result, information contained within these statements may require
updating for any subsequent amendments to IFRS required for 'first time adoption
' (IFRS 1) or any new IFRS standards that the Group may elect to adopt early.
In preparing this financial information, the Group has also assumed that the
European Commission will endorse IFRS 2, 'Share-based Payments' and the
amendment to IAS 19, 'Employee Benefits - Actuarial Gains and Losses, Group
Plans and Disclosures'.
1. IFRS 1 exemptions
IFRS 1, 'First-time Adoption of International Financial Reporting Standards'
sets out the procedures that the Group must follow when it adopts IFRS for the
first time as the basis for preparing its consolidated financial statements. The
Group is required to establish its IFRS accounting policies as at 31 December
2005 and, in general, apply these retrospectively to determine the IFRS opening
balance sheet at its date of transition, 1 January 2004.
This standard provides a number of optional exceptions to this general
principle. The most significant of these are set out below, together with a
description in each case of the exception adopted by the Group in these
statements.
a. Business combinations that occurred before the opening IFRS
balance sheet date (IFRS 3, 'Business Combinations').
The Group has elected not to apply IFRS 3 retrospectively to business
combinations that took place before the date of transition, 1 January 2004. As a
result, goodwill arising from past business combinations has not been amortised
during 2004 except for an impairment provision of £15.00m.
All other business combinations since 1 January 2004 have been accounted for
under IFRS 3. The most notable impact of this has been the reversal of the
Merger accounting rules applied to the combination of Taylor & Francis Group plc
and Informa Group plc on 10 May 2004 which has now been accounted for under the
Acquisition accounting method.
b. Pensions and other similar employee benefits - actuarial gains
and losses (IAS 19, 'Employee Benefits')
The Group has elected to recognise all cumulative actuarial gains and losses in
relation to employee benefit schemes at the date of transition. The Group has
recognised actuarial gains and losses in full in the period in which they occur
in a statement of recognised income and expense in accordance with the amendment
to IAS 19, issued on 16 December 2004 (note 7).
c. Share-based payments (IFRS 2, 'Share-based Payment')
The Group has elected to apply IFRS 2 to all relevant share based payment
transactions granted after 7 November 2002 but not fully vested at 1 January
2005.
d. Financial Instruments (IAS 32, 'Financial Instruments: Disclosure
and Presentation' and IAS 39, 'Financial Instruments: Recognition and
Measurement')
The Group has not applied IAS 32 and IAS 39 for the period presented and has
therefore taken advantage of the exemption in IFRS 1 that enables the Group to
apply these standards from 1 January 2005.
The application of IAS 32 and IAS 39 from 1 January 2005 will result in the
recognition of interest rate swaps of £3.00m (liability) and foreign currency
sale contracts of £1.50m (asset) on 1 January 2005. It is anticipated that the
interest rate swaps will unwind over the next 5 years and the foreign currency
sales will be recognised in the interim financial statements to 30 June 2005.
2. Presentation of financial information
The primary statements within the financial information contained in this
document have been presented in accordance with IAS 1, 'Presentation of
Financial Statements'. However, this format and presentation may require
modification in the event that further guidance is issued and as practice
develops.
Key impact analysis
The analysis below sets out the most significant adjustments arising from the
transition to IFRS.
1. Presentation of Financial Statements
The format of the Group's primary financial statements has been presented in
accordance with IAS 1, 'Presentation of Financial Statements'. The combination
of Taylor & Francis Group plc and Informa Group plc on 10 May 2004 has been
accounted for using the acquisition method of accounting as required under IFRS
3 which, together with other adjustments, adds £554.59m to Goodwill and
Intangible Fixed Assets (note 3) compared to the previous merger accounting
method. In addition only the results post 10 May 2004 are included for Taylor &
Francis Group plc resulting in a net reduction to Group turnover of £54.82m and
an increase to profit after tax of £0.02m.
2. Intangible Assets
a. Goodwill and acquired intangible assets amortisation
IAS 38, 'Intangible Assets' states that goodwill is not amortised. Instead
goodwill is subject to an annual impairment review. As the Group has elected not
to apply IFRS 3 retrospectively to business combinations prior to 1 January
2004, the original UK GAAP goodwill balance at 1 January 2004 (£306.13m) has
been included in the opening IFRS consolidated balance sheet and is no longer
amortised, but continues to be subject to impairment reviews.
Due to the adoption of the acquisition method of accounting for the combination
of Taylor & Francis Group plc and Informa Group plc, an additional £554.59m
(note 3) of goodwill and intangible assets has been recognised as at the date of
the combination (10 May 2004).
The goodwill amortisation charge previously calculated under UK GAAP has been
credited to the profit and loss account. Under IAS 38 the group is required to
amortise intangible fixed assets over their estimated useful lives. The
resultant net credit to the profit and loss account is £21.00m (note 3) for the
year ended 31 December 2004.
IFRS 1 requires that an annual impairment review of goodwill is conducted in
accordance with IAS 36, 'Impairment of Assets' at the date of transition
irrespective of whether there is an indication of impairment. No impairments
other than the £15.00m previously reported in the UK Group results for the year
to 31 December 2004 were necessary.
b. Computer Software
Under UK GAAP, capitalised computer software is included within tangible fixed
assets on the balance sheet as property, plant and equipment. Under IAS 38 only
computer software that is integral to a related item of hardware can be included
as property, plant and equipment. All other computer software is recorded as an
intangible asset.
Accordingly, a reclassification has been made in the opening balance sheet of
£5.91m (net book value) from property, plant and equipment to intangible assets
(note 3).
3. Deferred and Current Taxes
IAS 12, 'Income Taxes' requires deferred tax to be provided on all temporary
differences rather than just timing differences as under UK GAAP. It also
requires deferred tax to be provided in respect of the Group's liabilities under
its post employment benefit arrangements and on other employee benefits such as
share and share option schemes. The tax impact of these and other IFRS
adjustments is quantified in the relevant section of this statement (note 4).
'Tax on profit on ordinary activities' on the face of the consolidated income
statement comprises the tax charge of the Company, its subsidiaries and its
share of the tax charge of joint ventures.
In particular the reader's attention is drawn to the requirement to provide a
full deferred tax liability in respect of intangible assets, other than
goodwill, which were recognised on the acquisition of Taylor and Francis Group
plc to the extent that those assets exceed their tax base. This liability will
be amortised as the intangible assets are amortised. The effect of this
recognition has been to increase goodwill by £106.25m (note 3) and deferred tax
by £106.25m.
4. Share-based Payments
IFRS 2, 'Share-based Payments' states that an expense for equity instruments
granted should be recognised in the financial statements based on their 'fair
value' at the date of grant. This expense, which is primarily in relation to
employee option and performance share schemes, is then recognised over the
vesting period of the relevant scheme.
The Group has applied IFRS 2 to all instruments granted after 7 November 2002
but not fully vested as at 1 January 2005 and has adopted the Binomial model for
the purposes of computing 'fair value'.
The charge arising from the adoption of IFRS 2 on the Group's income statement
is £2.56m in the year ended 31 December 2004.
Deferred tax is also provided based upon the expected future tax deductions
relating to share-based payment transactions, and is recognised over the vesting
period of the schemes concerned. The additional deferred tax credit in respect
of the recognition of these share-based payment transactions was £0.77m for the
year ended 31 December 2004.
5. Post Employment Benefits
The Group applied the provisions of SSAP 24 under UK GAAP and provided detailed
disclosure under FRS 17 in accounting for pensions and other post-employment
benefits.
The Group has elected to adopt early the amendment to IAS 19, 'Employee Benefits
' issued by the IASB on 16 December 2004 which allows all actuarial gains and
losses to be charged or credited to equity.
The Group's IFRS balance sheet at 1 January 2004 reflects the assets and
liabilities of the Group's defined benefit schemes totalling a liability gross
of deferred tax of £13.89m. The transitional adjustment of £13.89m to opening
reserves comprises the reversal of entries in relation to UK GAAP accounting
under SSAP 24 less the recognition of the net liabilities of the Group's and
associated undertakings' defined benefit schemes. In addition a further pension
deficit of £4.88m (gross of deferred tax) has been recognised as a result of the
adoption of acquisition accounting for the combination of Informa Group plc and
Taylor & Francis Group plc. The incremental charge, net of deferred tax arising
from the adoption of IAS 19 on the Group's income statement is £0.58m in the
year ended 31 December 2004.
6. Deferred promotional expenditure
IAS 38 'Intangible Assets' states that deferred promotional costs, which had
previously been capitalised under inventory, must be written off as incurred.
Accordingly, deferred promotional costs of £4.00m have been written off the
opening balance sheet as at 1 January 2004, with a further £0.96m being written
off in the year ending 31 December 2004.
7. Post Balance Sheet Events & Dividends
IAS 10, 'Events after the Balance Sheet Date' requires that dividends declared
after the balance sheet date should not be recognised as a liability at that
balance sheet date as the liability does not represent a present obligation as
defined by IAS 37, 'Provisions, Contingent Liabilities and Contingent Assets'.
The final dividend declared in April 2004 in relation to the financial year
ended 31 December 2003 of £7.48m has been reversed in the opening balance sheet
and charged to equity in the balance sheet as at 31 December 2004. An adjustment
to reverse the final dividend declared in April 2005 (£15.87m) has also been
made to the balance sheet as at 31 December 2004.
The net effect of the above adjustment to dividends is a net credit of £8.39m to
reserves in the year ended 31 December 2004.
Performance measurement
Income Statement
The IASB and the US Financial Accounting Standards Board ('FASB') have
established an international working group on performance reporting. This has
been set up to help the Boards in their joint project to establish standards for
the presentation of information in financial statements that would improve the
usefulness of that information in assessing the financial performance of an
entity. Given that this project has yet to reach final conclusions, the Group
has provisionally defined a number of additional performance measures that it
anticipates publishing under IFRS.
• 'Adjusted operating profit' defined as:
'Operating profit from subsidiaries and the Group's share of the net result from
equity accounted interests excluding items not related to underlying business
performance'.
The items not relating to underlying business performance include the
amortisation of intangible assets and those items which would have been
classified as operating exceptional items under UK GAAP.
• 'Adjusted earnings per share' is measured using:
'Net income attributable to equity shareholders, adjusted for:
- Non-operating income and expense; and
- Items not relating to underlying business performance.'
An analysis of adjusted operating profit and the adjusted earnings per share
measure is provided in the notes to IFRS information (notes 1 and 2).
Unaudited consolidated IFRS income statement
for the year ended 31 December 2004
Note UK GAAP IFRS IFRS
IFRS format adjustments (unaudited)
(unaudited) (unaudited)
£'000 £'000 £'000
Revenue 504,666 (54,821) 449,845
Share of revenue of joint ventures (441) 441 -
Change in inventories of finished goods and work in 1,042 3,405 4,447
progress
Raw materials and consumables used (158,646) 8,618 (150,028)
Employee benefit expense (150,645) 10,691 (139,954)
Depreciation expense (8,818) 920 (7,898)
Amortisation and impairment expense (49,741) 25,960 (23,781)
Other expenses (88,507) 18,215 (70,292)
Share of result of joint ventures (271) 271 -
Operating profit 48,639 13,700 62,339
Merger costs (15,703) 15,703 -
Non operating income and expense (1,118) - (1,118)
Finance costs (20,551) 1,208 (19,343)
Investment income 1,117 - 1,117
Profit before tax 12,384 30,611 42,995
Tax on profit on ordinary activities 4 (12,284) 1,997 (10,287)
Profit for the period from continuing operations 100 32,608 32,708
Profit for the year 100 32,608 32,708
Attributable to:
- Minority interests (26) - (26)
- Equity shareholders 126 32,608 32,734
100 32,608 32,708
Earnings per share
Earnings per share:
From continuing operations
- Basic 2 0.04p 13.31p 13.35p
- Diluted 2 0.04p 13.22p 13.26p
Unaudited IFRS Consolidated balance sheet
as at 31 December 2004
Note UK GAAP IFRS IFRS
IFRS format adjustments (unaudited)
(unaudited) (unaudited)
£'000 £'000 £'000
Non-current assets
Intangible assets 3 6,258 474,766 481,024
Goodwill 3 497,986 106,730 604,716
Property, plant and equipment 33,400 (11,921) 21,479
Other investments 10,605 - 10,605
Assets for resale - 5,924 5,924
548,249 575,499 1,123,748
Current assets
Inventory 42,638 (7,938) 34,700
Trade and other receivables 91,688 (640) 91,048
Deferred tax asset 414 - 414
Cash and cash equivalents 19,126 - 19,126
153,866 (8,578) 145,288
Total assets 702,115 566,921 1,269,036
Equity
Called up share capital 29,946 - 29,946
Share premium account 187,755 500,742 688,497
Reserve for shares to be issued 1,267 380 1,647
Other reserve 37,398 - 37,398
Merger reserve 6 34,540 (34,540) -
ESOP trust shares (3,641) (1,090) (4,731)
Profit and Loss reserve (156,078) 73 (156,005)
Total equity shareholders' funds 131,187 465,565 596,752
Minority interests 53 - 53
Total equity 131,240 465,565 596,805
Non-current liabilities
Long-term borrowings 305,721 - 305,721
Deferred tax liabilities 5,901 93,803 99,704
Post employment benefits - 23,237 23,237
Provisions for other liabilities and charges 660 - 660
Other payables 465 - 465
312,747 117,040 429,787
Current liabilities
Short-term borrowings 15,346 - 15,346
Current taxation liabilities 22,420 - 22,420
Trade payables and other payables 36,281 (15,684) 20,597
Accruals and Deferred Income 184,081 - 184,081
258,128 (15,684) 242,444
Total equity and liabilities 702,115 566,921 1,269,036
Notes to IFRS financial information
1. Adjusted operating profit
Year ended
31 December
2004
£'000
Operating profit 62,339
Items not related to underlying business performance:
- Restructuring and reorganisation 9,285
- Goodwill impairment 15,000
- Intangible amortisation 8,781
Adjusted operating profit 95,405
2. Adjusted earnings per share
Year ended
31 December
2004
£'000
Earnings for basic and diluted earnings per share from continuing 32,708
operations
Items not related to underlying business performance:
- Restructuring and reorginisation costs 9,285
- Goodwill impairment 15,000
- Loss on disposal of fixed assets 921
- Profit on sale of business (3)
- Impairment of other investment 200
- Bank facility fees written off 2,415
- Intangible amortisation 8,781
- Tax on items not related to underlying business performance (6,188)
Earnings for adjusted earnings per share 63,119
Weighted average number of shares for basic EPS (millions) 245
Weighted average number of shares for diluted EPS (millions) 247
Basic earnings per share 13.35p
Diluted basic earnings per share 13.26p
Adjusted basic earnings per share from continuing operations 25.77p
Adjusted diluted basic earnings per share from continuing operations 25.58p
3. Reconciliation of goodwill and intangible assets from UK
GAAP to IFRS
Intangible
Assets
Goodwill Total
£'000 £'000 £'000
Net intangible assets - UK GAAP 6,258 497,986 504,244
Taylor & Francis Group plc pre combination goodwill (6,258) (259,429) (265,687)
derecognised under acquisition accouting
Intangible assets created on acquisition accounting 483,645 217,333 700,978
for combination with Taylor & Francis Group plc
Deferred tax on intangible assets - 106,248 106,248
Merger costs (net of deferred taxation) - 13,049 13,049
477,387 77,201 554,588
UK GAAP amortisation reversal (excluding 247 29,529 29,776
pre-acquisition)
IFRS amortisation of intangible assets (8,781) - (8,781)
(8,534) 29,529 20,995
Reclassification of computer software 5,913 - 5,913
Net intangible assets and goodwill - IFRS 481,024 604,716 1,085,740
4. Reconciliation of taxation charge from UK GAAP to IFRS
Corporation tax Deferred tax Total
£'000 £'000 £'000
Taxation charge - UK GAAP 9,005 3,279 12,284
Adjustment to tax charge under Acquisition Accouting (1,528) - (1,528)
Adjustment to tax charge for:
Goodwill - (1,749) (1,749)
Pensions - (248) (248)
Merger costs capitalised 2,654 - 2,654
Deferred promotional expenditure - (288) (288)
Share based and other employee payments - (838) (838)
Taxation charge - IFRS 10,131 156 10,287
5. Reconciliation of deferred tax charge on intangible and goodwill
amortisation
£'000
Total goodwill amortisation reversal 29,776
Amortisation on goodwill where no tax deduction (14,973)
available
Goodwill amortisation for which tax deduction available 14,803
Deferred tax charge on tax deductable goodwill 4,471
Less already provided for deferred tax on US (3,243)
amortisation
Less deferred tax on intangible amortisation (2,977)
Additional deferred tax charge resulting (1,749)
6. Basis of consolidation
Under IFRS, the business combination of Taylor & Francis Group plc and Informa
Group plc has been accounted for under
the acquisition method and henceforth the merger reserve is not required.
7. Effect of IFRS on income statement for the year ended 31 December 2004
In-
tangible
assets Amort-
reversal isation Share Deferred
T&F of of based promo- Total
pre goodwill in- and tional IFRS
acquisition amort- tangible Merger employee Joint ex- adjust-
UK GAAP balances results isation assets Pensions costs payments ventures penditure ments IFRS
in IFRS format
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 504,666 (54,821) - - - - - - - (54,821) 449,845
Share of
revenue of
joint
ventures (441) - - - - - - 441 - 441 -
Change in
inventories
of finished
goods and
work in
progress 1,042 4,366 - - - - - - (961) 3,405 4,447
Raw
materials
and
consumables
used (158,646) 8,618 - - - - - - - 8,618 (150,028)
Employee
benefit
expense (150,645) 14,077 - - 119 - (2,793) (712) - 10,691 (139,954)
Depreciation
expense (8,818) 920 - - - - - - - 920 (7,898)
Amortisation
and
impairment
expense (49,741) 4,965 29,776 (8,781) - - - - - 25,960 (23,781)
Other
expenses (88,507) 18,215 - - - - - - - 18,215 (70,292)
Share of
result of
joint
ventures (271) - - - - - - 271 - 271 -
Operating
profit 48,639 (3,660) 29,776 (8,781) 119 - (2,793) - (961) 13,700 62,339
Merger
costs (15,703) - - - - 15,703 - - - 15,703 -
Non-
operating
income and
expenditure (1,118) - - - - - - - - - (1,118)
Finance (20,551) 2,154 - - (946) - - - - 1,208 (19,343)
costs
Investment
income 1,117 - - - - - - - - - 1,117
Profit on
ordinary
activities
before
taxation 12,384 (1,506) 29,776 (8,781) (827) 15,703 (2,793) - (961) 30,611 42,995
Tax on Profit
on ordinary
activities (12,284) 1,528 (1,228) 2,977 248 (2,654) 838 - 288 1,997 (10,287)
Profit for
the
financial
year 100 22 28,548 (5,804) (579) 13,049 (1,955) - (673) 32,608 32,708
Less:
Minority
interest 26 - - - - - - - - - 26
Profit
attributable
to equity
shareholders 126 22 28,548 (5,804) (579) 13,049 (1,955) - (673) 32,608 32,734
Statement of
recognised
income and
expense
Reconciliation
from UK GAAP
STRGL to IFRS
statement (9,691) 3,017 - - (2,054) - - - - 963 (8,728)
8. Effect of IFRS on balance sheet as at 31 December 2004
Opening
Balance Acquis- Def- Share Fixed Total
Sheet ition erred Intan- based assets IFRS
UK GAAP Balances Adjust- Accoun- Promo- Pens- Divi- gible paym- Taxa- for adjus-
in IFRS Format ments(1) ting(2) tion ions dends assets ents tion resale tments IFRS
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Non current
assets
Intangible
assets 6,258 5,913 477,387 - - - (8,534) - - - 474,766 481,024
Goodwill 497,986 - 77,201 - - - 29,529 - - - 106,730 604,716
Property, 33,400 (5,913) (84) - - - - - - (5,924) (11,921) 21,479
plant
and equipment
Other 10,605 - - - - - - - - - - 10,605
investments
Fixed assets - - - - - - - - - 5,924 5,924 5,924
held
for resale
548,249 - 554,504 - - - 20,995 - - 575,499 1,123,748
Current assets
Inventory 42,638 (4,000) (2,977) (961) - - - - - - (7,938) 34,700
Trade and other 91,688 - (640) - - - - - - - (640) 91,048
receivables
Deferred tax 414 - - - - - - - - - - 414
assets
Cash and cash 19,126 - - - - - - - - - - 19,126
equivalents
153,866 (4,000) (3,617) (961) - - - - - - (8,578) 145,288
Total assets 702,115 (4,000) 550,887 (961) - - 20,995 - - - 566,921 1,269,036
Equity
Called up 29,946 - - - - - - - - - - 29,946
share
capital
Share premium 187,755 - 500,742 - - - - - - - 500,742 688,497
account
Reserve for 1,267 - - - - - - 380 - - 380 1,647
shares to be
issued
Other reserve 37,398 - - - - - - - - - - 37,398
Merger reserve 34,540 - (34,540) - - - - - - - (34,540) -
ESOP trust (3,641) - (3,269) - - - - 2,179 - - (1,090) (4,731)
shares
Retained (156,078) (5,374) (19,444) (673) (2,633) 8,389 18,860 (1,955) 3,243 (340) 73 (156,005)
losses
Total equity 131,187 (5,374) 443,489 (673) (2,633) 8,389 18,860 604 3,243 (340) 465,565 596,752
shareholders'
funds
Minority 53 - - - - - - - - - - 53
interests
Non-current
liabilities
Long term 305,721 - - - - - - - - - - 305,721
borrowings
Deferred tax 5,901 (5,508) 102,334 (288) (1,129) - 2,135 (838) (3,243) 340 93,803 99,704
liabilities
Post employment - 14,362 4,879 - 3,762 - - 234 - - 23,237 23,237
benefits
Provisions for 660 - - - - - - - - - - 660
liabilities and
charges
Other payable 465 - - - - - - - - - - 465
312,747 8,854 107,213 (288) 2,633 - 2,135 (604) (3,243) 340 117,040 429,787
Current
liabilities
Short term 15,346 - - - - - - - - - - 15,346
borrowings
Current tax 22,420 - - - - - - - - - - 22,420
liabilities
Trade payable 36,281 (7,480) 185 - - (8,389) - - - - (15,684) 20,597
and
other payables
Accruals and 184,081 - - - - - - - - - - 184,081
Deferred income
258,128 (7,480) 185 - - (8,389) - - - - (15,684) 242,444
Total equity 702,115 (4,000) 550,887 (961) - - 20,995 - - - 566,921 1,269,036
and
liabilities
1 Adjustments to the opening balance sheet comprise the reclassificiation of
computer software from fixed to intangible assets of £5.91m, the write off of
deferred promotional expenditure of £4.00m, an decrease in deferred tax
liabilities of £5.51m, an increase in post employment benefit liabilities of
£14.36m (comprising of a pension deficit of £13.89m and a holiday pay accrual of
£0.47m), and the elimination of the dividend accrual of £7.48m.
2 Under UK GAAP, the combination of Taylor & Francis Group plc and Informa Group
plc was accounted under Merger Accounting. In accordance with IFRS the
combination has been accounted for under Acquisition Accouting.
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