IFRS Statement
McBride PLC
06 December 2005
6 December 2005
McBRIDE plc
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
McBride plc, which supplies Private Label Household and Personal Care products
to Europe's leading retailers, is today releasing its financial results for the
year ended 30 June 2005 in accordance with International Financial Reporting
Standards (IFRSs) as adopted for use in the EU (adopted IFRSs). The financial
information presented is unaudited.
The Group has historically prepared its consolidated financial statements under
UK Generally Accepted Accounting Principles (UK GAAP). For the year ending 30
June 2006 and subsequent periods it is required to prepare its financial
statements in accordance with adopted IFRS. This requires an IFRS restated
opening consolidated balance sheet as at 1 July 2004 together with a full
consolidated income statement, balance sheet, cash flow statement and statement
of recognised income and expense (SORIE) for the year ended 30 June 2005 for
comparative purposes. The first results to be published under adopted IFRS will
be the interim results for the six months to 31 December 2005.
The adoption of IFRS represents an accounting change only and does not affect
the underlying operations or cash flows of the Group. The main 30 June 2005
changes compared to the financial results prepared under UK GAAP and reported on
in September are as follows:
• Reported profit before tax of £30.6m, compared to £29.8m on UK GAAP
equivalent, mainly due to elimination of goodwill amortisation
• Basic earnings per share of 12.0p, compared to 11.6p per UK GAAP
• Capital employed at 30 June 2005 of £98.1m, compared to £97.3m per UK
GAAP
This document explains the accounting policy changes and key financial impacts
of the change from UK GAAP to IFRS. It includes detailed UK GAAP to IFRS
reconciliations of the Group's consolidated 1 July 2004 balance sheet, interim
31 December 2004 income statement and balance sheet, and 30 June 2005 income
statement and balance sheet. It also includes the 30 June 2005 IFRS
consolidated SORIE and statement of changes in equity.
For further information please contact:
McBride plc
Miles Roberts, Chief Executive 01494 60 70 50
Financial Dynamics 020 7831 3113
Andrew Dowler
BASIS OF PREPARATION
EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidated
financial statements of the Group, for the year ending 30 June 2006, be prepared
in accordance with International Financial Reporting Standards (IFRSs) as
adopted for use in the EU ('adopted IFRSs').
This financial information has been prepared on the basis of the recognition and
measurement requirements of IFRSs in issue that either are endorsed by the EU
and effective (or available for early adoption) at 30 June 2006 or are expected
to be endorsed and effective (or available for early adoption) at 30 June 2006,
the Group's first annual reporting date at which it is required to use adopted
IFRSs. Based on these adopted and unadopted IFRSs, the directors have made
assumptions about the accounting policies expected to be applied, which are as
set out below, when the first annual IFRS financial statements are prepared for
the year ending 30 June 2006.
In addition, the adopted IFRSs that will be effective (or available for early
adoption) in the annual financial statements for the year ending 30 June 2006
are still subject to change and to additional interpretations and therefore
cannot be determined with certainty. Accordingly, the accounting policies for
that annual period will be determined finally only when the annual financial
statements are prepared for the year ending 30 June 2006.
The figures for the financial year ended 30 June 2005, half year ended 31
December 2004 and opening balance sheet at 1 July 2004 are not the company's
statutory accounts for that financial year. Those accounts, which were prepared
under UK Generally Accepted Accounting Practices, have been reported on by the
company's auditors and delivered to the registrar of companies. The report of
the auditors was unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985.
Presentation of financial information
The layout of the primary financial statements has been amended in accordance
with IAS 1, Presentation of Financial Statements from that presented under UK
GAAP. The IFRS cash flow statement will explain the change in cash and cash
equivalents rather than just cash as under UK GAAP. Cash and cash equivalents
under IFRS comprise cash and certain short term highly liquid investments.
IFRS 1 - First time adoption of International Financial Reporting Standards
IFRS 1 sets out the procedures that the Group must follow when it adopts IFRS
for the first time. The Group is required to establish its IFRS accounting
policies for the year ending 30 June 2006 and to also retrospectively apply them
to the comparative period to determine the IFRS opening balance sheet at its
date of transition, 1 July 2004. This standard allows companies adopting IFRS
for the first time to take certain exemptions from the full requirements of IFRS
in the year of transition, the year ended 30 June 2005.
The Group has adopted the following approach to the key exemptions:
• IFRS 3 Business combinations - it has elected to apply IFRS 3
prospectively from the transition date rather than restate previous business
combinations. As a result the carrying amount of goodwill in the UK balance
sheet at 30 June 2004 is brought forward to the opening balance sheet without
adjustment;
• IAS 19 Employee benefits - actuarial gains and losses - it has chosen
to recognise all cumulative gains and losses at the transition date, consistent
with the treatment required by the UK standard FRS 17;
• IAS 21 The effects of changes in foreign exchange rates - the Group
has elected to reset the foreign currency translation reserve to zero at the
date of transition;
• IAS 32 / 39 Financial instruments - it has taken the option to defer
the implementation of these standards to the year ending 30 June 2006.
Therefore financial instruments continue to be accounted for and presented in
accordance with UK GAAP for the year ended 30 June 2005; and
• IFRS 2 Share-based payment - it has adopted the exemption to apply
IFRS 2 only to share based payment awards granted after 7 November 2002.
KEY FINANCIAL IMPACTS
• Employee benefits (IAS 19)
Under UK GAAP the Group applies the provisions of SSAP 24 and also provides
detailed disclosure under FRS 17 in accounting for defined benefit pension
schemes. Under IFRS, the Group's opening balance sheet at 1 July 2004 reflects
the assets and liabilities of its defined benefit schemes, with a total gross
deficit of £10.2m before deferred tax. As from the date of transition the Group
has chosen to apply the amendment to IAS 19 which allows actuarial gains and
losses to be recognised immediately in the SORIE i.e. the actuarial gains and
losses will be taken directly to reserves.
The year ended 30 June 2005 income statement adjustment is a £0.1m charge.
There is a £11.2m employee benefit liability less a £3.4m deferred tax asset at
30 June 2005.
• Employee benefits (IAS 19) - holiday pay accrual
This standard requires employee benefits such as holiday pay to be accrued. The
additional accrual required is £0.3m.
• Goodwill arising on business combinations (IFRS 3)
Under IFRS 3, goodwill is no longer amortised but instead is subject to annual
impairment testing. Consequently, the opening IFRS goodwill balance as at 30
June 2004 and goodwill acquired on acquisition during the year ended 30 June
2005 have been tested for impairment. No impairment was necessary. The £0.9m
UK GAAP goodwill amortisation for the year ended 30 June 2005 is written back
for IFRS.
• Recognition of dividends (IAS 10 Events after the balance sheet date)
Under UK GAAP dividends are recognised in the period to which they relate. IFRS
however requires that dividends declared after the balance sheet date should not
be recognised as a liability until approved by shareholders. As a result the
proposed final dividend of £5.9m declared in October 2005 has not been accrued
in the 30 June 2005 balance sheet.
• Share-based payments (IFRS 2)
The standard requires that a charge be recognised in the income statement for
the benefit an employee receives as a consequence of an employee share scheme
and the charge should be spread over the scheme performance period. This
standard applies to options granted after 7 November 2002. The amounts involved
are less than £0.1m for the year ended 30 June 2005.
IAS 12 - Income taxes requires that a deferred tax asset be recognised for share
option schemes not fully vested on the basis of the excess of the market price
over the option exercise price at the balance sheet date. The deferred tax
adjustment at 30 June 2005 of £2.0m is recognised in equity.
• Leases (IAS 17)
The standard states that the land element of a land and building lease, which
has been paid in advance, should be reclassified as a long term prepayment where
title is not expected to pass. A long leasehold of £0.5m has been reclassified
from property, plant and equipment into other non-current assets.
IFRS ACCOUNTING POLICIES
The accounting policies which McBride expects to adopt for its interim and full
year financial statements are set out below.
Basis of consolidation
The Group financial statements consist of the financial statements of McBride
plc (the Company) and all its subsidiary undertakings.
(i) Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the
Company has the power, directly or indirectly, to govern the financial and
operating policies of an entity so as to obtain benefits from its activities.
Subsidiaries are consolidated from the date on which control is transferred to
the Group and cease to be consolidated from the date on which control is
transferred out of the Group.
(ii) Joint venture
The Group's interest in its joint venture is accounted for using the equity
method of accounting.
(iii) Transactions eliminated on consolidation
Intragroup balances and transactions, and any unrealised gains and losses
arising from intragroup transactions, are eliminated in preparing the
consolidated financial statements.
Use of assumptions and estimates
The preparation of these financial statements requires management to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses. Actual
results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis and revisions are recognised in the
period or periods that are affected.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Assets and liabilities denominated in foreign currencies at
the balance sheet date are translated at the rate of exchange ruling at that
date. Foreign exchange differences arising on translation are recognised in the
income statement.
The assets and liabilities of overseas subsidiaries are translated at the
closing rates of exchange ruling at the balance sheet date. Goodwill and fair
value adjustments arising on the acquisition of a foreign entity are treated as
assets and liabilities of the acquiring company and recorded initially at the
transaction date exchange rate and thereafter at the closing rate of exchange
ruling at the balance sheet date. The income and expenses of overseas
subsidiaries are translated at the average rates of exchange for the year. The
exchange differences arising on retranslation are taken directly to a separate
component of equity. Exchange differences arising from the retranslation of a
net investment in a foreign undertaking less exchange differences on foreign
currency borrowings which effectively hedge that undertaking are taken to
equity. On disposal of a foreign entity, accumulated exchange differences are
recognised in the income statement as a component of the gain or loss on
disposal.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation
and any impairment in value. Land is not depreciated. Depreciation is
calculated on a straight-line basis and charged to the income statement over the
estimated useful life of the asset as follows:
Freehold buildings - over 50 years
Leasehold land and buildings - life of the lease
Plant and machinery - 8 to 10 years
Computer equipment - 3-5 years
Motor vehicles - 4 years
Moulding equipment - 3-5 years
The carrying values of property, plant and equipment are reviewed for impairment
when events or changes in circumstances indicate the carrying value may not be
recoverable. If any such indication exists and where the carrying values exceed
the estimated recoverable amount, the assets or cash-generating units are
written down to their recoverable amount.
Goodwill
Goodwill on transition at 1 July 2004 represents the cost less amortisation
charged prior to the adoption of IFRS. Goodwill represents the excess of the
cost of the acquisition over the fair value of identifiable net assets of a
subsidiary or joint venture at the date of acquisition.
The Group assesses the carrying value of goodwill for impairment annually or,
more frequently, if events or changes in circumstances indicate that such
carrying value may not be recoverable. Goodwill that arose on businesses
acquired prior to the introduction of UK GAAP accounting standard FRS 10, in the
year commencing 1 July 1998 will remain written off to reserves.
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new
scientific or
technical knowledge and understanding, is recognised in the income statement as
an expense
as incurred. Expenditure on development activities, whereby research findings
are applied to a plan or design for the production of new or substantially
improved products and processes, is capitalised if the
product or process is technically and commercially feasible and the Group has
sufficient
resources to complete development.
Impairment
At each balance sheet date the Group reviews the carrying amounts of its assets
to determine whether there are any indications of impairment. If any such
indication exists, the asset's recoverable amount is estimated and if this is
found to be less than the carrying amount, then the carrying amount is reduced
to its recoverable amount. An impairment charge is recognised in the income
statement in the year in which it occurs. The recoverable amount is the greater
of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using an
appropriate pre-tax discount rate reflecting the risks inherent in the asset.
Leased assets
Finance leases, which transfer to the Group substantially all the risks and
benefits incidental to ownership of the leased item, are capitalised at the
inception of the lease at the fair value of the leased asset or, if lower, at
the present value of the minimum lease payments. Lease payments are apportioned
between the finance charges and reduction of the lease liability so as to
achieve a constant rate of interest on the remaining balance of the liability.
Finance charges are charged directly against income. Capitalised leased assets
are depreciated over the shorter of the estimated useful life of the asset or
the lease term. Leases where the lessor retains substantially all the risks and
benefits of ownership of the assets are classified as operating leases.
Operating lease payments are recognised as an expense in the income statement on
a straight line basis over the lease term.
Trade receivables
Trade receivables, which generally have 30-90 day terms, are recognised and
carried at original invoice amount less an allowance for any uncollectible
amounts.
Inventories
Inventories are valued at the lower of cost and net realisable value. Net
realisable value is the estimated selling price in the ordinary course of
business, less estimated costs of completion and the estimated costs necessary
to make the sale. Costs incurred in bringing each product to its present
location and condition are accounted for as follows:
Raw materials - purchase cost on a first-in, first-out basis;
Finished goods and work in progress - cost of direct materials and labour and a
proportion of manufacturing overheads based on normal operating capacity but
excluding borrowing costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term
deposits with an original maturity of three months or less. For the purposes of
the consolidated cash flow statement, cash and cash equivalents consist of cash
and cash equivalents as defined above, net of outstanding bank overdrafts, if
these are payable on demand and part of the Group's cash management policy.
Net financing costs
Net financing costs comprise interest payable on borrowings, interest receivable
on funds invested, dividend income, foreign exchange gains and losses, and gains
and losses on financial instruments where hedge accounting is not applied or is
ineffective. Interest income is recognised in the income statement as it
accrues. Dividend income is recognised in the income statement on the date that
the Group becomes legally entitled to the dividend.
Interest-bearing loans and borrowings
All loans and borrowings are initially recognised at the fair value of the
consideration received net of issue costs associated with the borrowing. After
initial recognition, interest-bearing loans and borrowings, are subsequently
measured at amortised cost using the effective interest rate method. Amortised
cost is calculated by taking into account any issue costs, and any discount or
premium on settlement. Gains and losses are recognised in the income statement
when the liabilities are derecognised, as well as through the amortisation
process.
Employee benefits
The Group accounts for pensions and other post retirement benefits in accordance
with the amendment to IAS 19 Employee Benefits. In respect of defined benefit
pension schemes, the pension surplus / deficit recognised in the balance sheet
represents the difference between the fair value of plan assets and the present
value of the defined benefit obligation at the balance sheet date. The net
defined benefit obligation is determined by qualified actuaries using the
projected unit credit actuarial valuation method. The income statement charge
is split between an operating service cost and financing income and charge.
Payments to defined contribution schemes are recognised as an expense as they
fall due. Actuarial gains and losses are recognised immediately in the SORIE.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the
effect of the time value of money is material, provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and, where appropriate,
the risks specific to the liability. Where discounting is used, the increase in
the provision due to the passage of time is recognised as an interest expense.
Revenue
Revenue in the income statement represents the amounts, net of trade discounts
and rebates and excluding value added tax, derived from the provision of goods
and services to third party customers during the year. Revenue is recognised
when the significant risks and rewards of ownership of the goods and services
have passed to the buyer, the amount of revenue can be measured reliably and
receipt of payment is probable.
Income tax
Income tax on the profit or loss for the year comprises current and deferred
tax. Income tax is recognised in the income statement except to the extent that
it relates to items recognised directly in equity, in which case it is
recognised in equity. Deferred tax is provided, using the balance sheet
liability method, on all temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The following temporary differences are not provided for:
goodwill not deductible for tax purposes and the initial recognition of assets
or liabilities that affect neither accounting nor taxable profit.
The carrying amount of deferred income tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred
income tax asset to be utilised. Deferred income tax assets and liabilities are
measured at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled.
Derivative financial instruments
The Group uses derivative financial instruments such as foreign currency
contracts and interest rate swaps to hedge its risks associated with interest
rate and foreign currency fluctuations. Such derivative financial instruments
are stated at fair value.
The fair value of forward exchange contracts is calculated by reference to
current forward exchange rates for contracts with similar maturity profiles. The
fair value of interest rate swap contracts is determined by reference to market
values for similar instruments and is the amount that McBride would receive or
pay to terminate the swap at the balance sheet date. Changes in fair value are
immediately recognised in the income statement except where cash flow hedge
accounting is achieved (see below).
Hedge accounting
For the purposes of hedge accounting, hedges are classified as cash flow hedges
where they hedge exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or
liability or a highly probable forecasted transaction.
In relation to cash flow hedges (forward foreign currency contracts) to hedge
firm commitments which meet the conditions for hedge accounting, the portion of
the gain or loss on the hedging instrument that is determined to be an effective
hedge is recognised directly in equity and the ineffective portion is recognised
in the income statement.
When the hedged firm commitment results in the recognition of a non-monetary
asset or a liability, then, at the time the asset or liability is recognised,
the associated gains or losses that had previously been recognised in equity are
included in the initial measurement of the acquisition cost or other carrying
amount of the asset or liability. For all other cash flow hedges, the gains or
losses that are recognised in equity are transferred to the income statement in
the same period in which the hedged firm commitment affects the income
statement, for example when the future sale actually occurs.
For derivatives that do not qualify for hedge accounting, any gains or losses
arising from changes in fair value are taken directly to the income statement
for the period.
Hedge accounting is discontinued when the hedging instrument expires or is sold,
terminated or exercised, or no longer qualifies for hedge accounting. At that
point in time, any cumulative gain or loss on the hedging instrument recognised
in equity is kept in equity until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative gain or
loss recognised in equity is transferred to the income statement for the period.
IFRS CONSOLIDATED BALANCE SHEET RESTATEMENT as at 30 June 2005
UK GAAP Provision Employee Deferred Holiday IFRS
tax
£m reclass. Land Goodwill benefits share Dividend accrual £m
lease options
Non-current assets
Property, plant and 130.1 (0.5) 129.6
equipment
Intangible assets 7.8 0.9 8.7
Other non-current assets --- 0.5 0.5
137.9 --- --- 0.9 --- --- --- --- 138.8
Current assets
Inventories 41.3 41.3
Trade and other 106.3 106.3
receivables
Cash and cash equivalents 0.3 0.3
147.9 --- --- --- --- --- --- --- 147.9
Total assets 285.8 --- --- 0.9 --- --- --- --- 286.7
Equity
Issued share capital 17.7 17.7
Share premium account 141.8 141.8
Capital redemption reserve 0.6 0.6
Currency translation (0.2) (0.2)
reserve
Retained earnings (62.8) 0.9 (7.8) 2.0 5.9 (0.2) (62.0)
Total equity attributable 97.1 --- --- 0.9 (7.8) 2.0 5.9 (0.2) 97.9
to equity holders of the
parent
Equity minority interest 0.2 0.2
Total equity 97.3 --- --- 0.9 (7.8) 2.0 5.9 (0.2) 98.1
Non-current liabilities
Interest bearing loans and 20.7 20.7
borrowings
Employee benefits --- 11.2 11.2
Provisions 6.3 (4.1) 2.2
Deferred tax 6.1 (3.4) (2.0) (0.1) 0.6
33.1 (4.1) --- --- 7.8 (2.0) --- (0.1) 34.7
Current liabilities
Interest bearing loans and 4.0 4.0
borrowings
Trade and other payables 149.4 (5.9) 0.3 143.8
Current tax payable 2.0 2.0
Provisions --- 4.1 4.1
155.4 4.1 --- --- --- --- (5.9) 0.3 153.9
Total equity and 285.8 --- --- 0.9 --- --- --- --- 286.7
liabilities
IFRS CONSOLIDATED INCOME STATEMENT RESTATEMENT
for the year ended 30 June 2005
UK GAAP Joint venture Employee IFRS
£m Goodwill reallocation benefits £m
Revenue 537.1 537.1
Cost of sales (348.4) (348.4)
Gross profit 188.7 --- --- --- 188.7
Distribution costs (34.0) (34.0)
Administrative costs (123.6) 0.9 (122.7)
Share of joint venture's operating 0.1 (0.1) ---
profit
Total operating profit 31.2 0.9 (0.1) --- 32.0
Financial income 1.4 0.1 1.5
Financial expenses (2.8) (0.1) (2.9)
Net financing costs (1.4) 0.1 (0.1) (1.4)
Profit before tax 29.8 0.9 --- (0.1) 30.6
Income tax expense (9.2) (9.2)
Profit for the year 20.6 0.9 --- (0.1) 21.4
Attributable to:
Equity holders of the parent 20.5 0.9 (0.1) 21.3
Minority interest 0.1 0.1
20.6 0.9 (0.1) 21.4
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE for the year ended 30
June 2005
£m
Profit for the year 21.4
Foreign exchange translation differences (0.2)
Actuarial loss net of deferred tax (1.1)
Total recognised income and expense for the year 20.1
Attributable to:
Equity holders of the parent 20.0
Minority interest 0.1
20.1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2005
£m
At 1 July 2004 (as previously reported under UK GAAP) 91.7
Adjustments on adoption of IFRS as at 1 July 2004 1.0
At 1 July 2004 under IFRS 92.7
Profit for the year attributable to equity holders of the parent 21.3
Other recognised income and expenses (1.3)
Tax on share options taken directly to equity (0.8)
Own shares acquired and held (2.4)
Own shares acquired and cancelled (6.9)
Shares issued 2.9
Equity dividends (7.6)
At 30 June 2005 97.9
IFRS CONSOLIDATED BALANCE SHEET RESTATEMENT as at 1 July 2004 (opening balance
sheet for IFRS)
UK GAAP Provision Employee Deferred Holiday Tax IFRS
tax
£m reclass. Land benefits share Dividend accrual reclass £m
lease options
Non-current assets
Property, plant and equipment 124.6 (0.5) 124.1
Intangible assets 7.6 7.6
Other non-current assets --- 0.5 0.5
Deferred tax --- 0.9 0.9
132.2 --- --- --- --- --- 0.9 133.1
Current assets
Inventories 38.8 38.8
Trade and other receivables 114.9 114.9
Cash and cash equivalents 0.2 0.2
153.9 --- --- --- --- --- --- 153.9
Total assets 286.1 --- --- --- --- --- 0.9 287.0
Equity
Issued share capital 17.8 17.8
Share premium account 139.4 139.4
Retained earnings (65.5) (6.6) 2.8 5.0 (0.2) (64.5)
Total equity 91.7 --- --- (6.6) 2.8 5.0 (0.2) 92.7
Non-current liabilities
Interest bearing loans and 28.1 28.1
borrowings
Employee benefits --- 10.2 10.2
Provisions 9.3 (7.6) 1.7
Deferred tax 4.8 (2.8) (2.8) (0.1) 0.9 ---
Net investment in joint 1.2 1.2
venture
43.4 (7.6) --- 7.4 (2.8) --- (0.1) 0.9 41.2
Current liabilities
Interest bearing loans and 3.5 3.5
borrowings
Trade and other payables 146.3 (0.8) (5.0) 0.3 140.8
Current tax payable 1.2 1.2
Provisions --- 7.6 7.6
151.0 7.6 --- (0.8) (5.0) 0.3 --- 153.1
Total equity and liabilities 286.1 --- --- --- --- --- --- 0.9 287.0
IFRS CONSOLIDATED BALANCE SHEET RESTATEMENT as at 31 December 2004
UK GAAP Provision Employee Deferred Holiday Tax IFRS
tax
£m reclass. Land Good- benefits share Dividend accrual reclass. £m
lease options
will
Non-current assets
Property, plant and 135.1 (0.5) 134.6
equipment
Intangible assets 8.1 0.6 8.7
Other non-current assets --- 0.5 0.5
Deferred tax 0.9 0.9
143.2 --- --- 0.6 --- --- --- --- 0.9 144.7
Current assets
Inventories 43.7 43.7
Trade and other 109.0 109.0
receivables
Cash and cash equivalents 0.6 0.6
153.3 --- --- --- --- --- --- --- --- 153.3
Total assets 296.5 --- --- 0.6 --- --- --- --- 0.9 298.0
Equity
Issued share capital 17.7 17.7
Share premium account 139.4 139.4
Capital redemption 0.1 0.1
reserve
Currency translation 0.8 0.8
reserve
Retained earnings (58.1) 0.6 (10.0) 2.7 2.6 (0.1) (62.3)
Total equity attributable 99.9 --- --- 0.6 (10.0) 2.7 2.6 (0.1) 95.7
to equity holders of the
parent
Equity minority interest 0.2 0.2
Total equity 100.1 --- --- 0.6 (10.0) 2.7 2.6 (0.1) 95.9
Non-current liabilities
Interest bearing loans 23.3 23.3
and borrowings
Employee benefits --- 14.5 14.5
Provisions 4.8 (2.7) 2.1
Deferred tax liabilities 6.2 (4.3) (2.7) (0.1) 0.9 ---
34.3 (2.7) --- --- 10.2 (2.7) --- (0.1) 0.9 39.9
Current liabilities
Interest bearing loans 6.8 6.8
and borrowings
Trade and other payables 152.7 (0.2) (2.6) 0.2 150.1
Current tax payable 2.6 2.6
Provisions --- 2.7 2.7
162.1 2.7 --- --- (0.2) --- (2.6) 0.2 --- 162.2
Total equity and 296.5 --- --- 0.6 --- --- --- --- 0.9 298.0
liabilities
IFRS CONSOLIDATED INCOME STATEMENT RESTATEMENT
for the six months ended 31 December 2004
UK GAAP Joint venture Holiday IFRS
£m Goodwill reallocation accrual £m
Revenue 268.0 268.0
Cost of sales (171.6) (171.6)
Gross profit 96.4 --- --- --- 96.4
Distribution costs (17.4) (17.4)
Administrative costs (60.9) 0.6 0.1 (60.2)
Share of joint venture's operating 0.1 (0.1) ---
profit
Total operating profit 18.2 0.6 (0.1) 0.1 18.8
Financial income 0.3 0.1 0.4
Financial expenses (1.0) (1.0)
Net financing costs (0.7) 0.1 (0.6)
Profit before tax 17.5 0.6 --- 0.1 18.2
Income tax expense (5.5) (5.5)
Profit for the period 12.0 0.6 --- 0.1 12.7
Attributable to:
Equity holders of the parent 11.9 0.6 0.1 12.6
Minority interest 0.1 0.1
12.0 0.6 0.1 12.7
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