Adoption of IFRS - Part 2

Quarto Group Inc 02 September 2005 THE QUARTO GROUP, INC. ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS - PART 2 Appendix 2 - Reconciliations of reported UK GAAP financial statements to IFRS 2.1. IFRS Income statement for the year ended 31 December 2004 Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP balances *Reclassification Interest receivable UK GAAP balances in IFRS format in UK GAAP format Â£000 Â£000 Â£000 Turnover 79,835 - 79,835 Revenue Cost of (50,931) - (50,931) Cost of sales sales Gross 28,904 - 28,904 Gross profit profit Operating costs (21,710) - (21,710) Operating costs Operating profit/ Profit on ordinary activities before 7,194 - 7,194 Operating profit interest Net interest payable (1,169) (65) (1,234) Financial costs 65 65 Financial income Profit on ordinary activities before taxation 6,025 - 6,025 Profit before taxation Taxation (1,337) - (1,337) Taxation Profit for the 4,688 - 4,688 Profit for the period period Profit for - - - Profit for the period the period attributable to: attributable to: Minority interests 403 - 403 Minority interests Shareholders of the parent 4,285 - 4,285 Equity holders of the company parent company *This reflects changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.2 IFRS Income statement for the year ended 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IFRS 3 IAS 19 Share- Goodwill Intangible Employee based amort'n assets benefits payments reversal amort'n Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 79,835 - - - - Cost of sales (50,931) - - - - -------- ------- ------- ------- ------- Gross profit 28,904 - - - - Operating costs (21,710) (4) 376 (475) (50) -------- ------- ------- ------- ------- Operating profit 7,194 (4) 376 (475) (50) Financial costs (1,234) - - - - Financial income 65 - - - - -------- ------- ------- ------- ------- Profit before taxation 6,025 (4) 376 (475) (50) Taxation (1,337) 1 - 109 (1) -------- ------- ------- ------- ------- Profit for the period 4,688 (3) 376 (366) (51) -------- ------- ------- ------- ------- Profit for the period attributable to: Minority interests 403 - - - - Equity holders of the parent company 4,285 (3) 376 (366) (51) ------------------ -------- ------- ------- ------- ------- UK GAAP Balances in IFRS format IAS 12 IAS 12 IAS 32 Other IFRS US Deferred goodwill tax on revalued Preference assets Shares Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 79,835 - - - (85) 79,750 Cost of sales (50,931) - - - 51 (50,880) Gross profit 28,904 - - - (34) 28,870 Operating costs (21,710) - - - - (21,863) Operating profit 7,194 - - - (34) 7,007 Financial costs (1,234) - - (446) - (1,680) Financial income 65 - - - - 65 Profit before taxation 6,025 - - (446) (34) 5,392 Taxation (1,337) (40) 3 - 10 (1,255) Profit for the period 4,688 (40) 3 (446) (24) 4,137 Profit for the period attributable to: Minority interests 403 - - - - 403 Equity holders of the parent company 4,285 (40) 3 (446) (24) 3,734 2.3 IFRS Balance sheet at 31 December 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format -------------------------- ------------------------- ------------------------- Debtors Creditors Creditors <1 year <1 year > 1 year ---------- ---------- ---------- ------------------- ---------- --------- ------------------- Â£000 Â£000 Â£000 Â£000 Â£000 Fixed assets Non current assets Intangible assets 13,005 - - - 13,005 Goodwill Tangible fixed assets 8,982 - - - 8,982 Property, plant & equipment 4 - - 4 Deferred tax --------- ---------- ---------- ---------- --------- 21,987 4 - - 21,991 --------- ---------- ---------- ---------- --------- Current assets Current assets Stock 20,727 - - - 20,727 Inventories Debtors falling due within one year 24,066 - - - 24,066 Trade and other receivables 154 - - 154 Taxation recoverable Cash and deposits 12,578 - (1,967) - 10,611 Cash and cash --------- ---------- ---------- ---------- --------- equivalents 57,371 154 (1,967) - 55,558 --------- ---------- ---------- ---------- --------- - - - 77,549 Total assets ---------- ---------- ---------- --------- Creditors due within one year (28,927) - 28,927 - Current liabilities - (433) - (433) Short term borrowings - (25,377) - (25,377) Trade and other payables (154) (1,150) - (1,304) Corporation tax --------- ---------- ---------- ---------- --------- liabilities (28,927) (154) 1,967 - (27,114) --------- ---------- ---------- ---------- --------- Net current assets 28,444 - - - 28,444 Net current assets --------- ---------- ---------- ---------- --------- Creditors due after more than one year (38,618) - - 38,618 - Non-current liabilities - - (38,408) (38,408) Medium and long term borrowings - - (210) (210) Other payables Provisions for liabilities and charges (646) (4) - - (650) Deferred tax --------- ---------- ---------- ---------- --------- liabilities (39,264) (4) - - (39,268) --------- ---------- ---------- ---------- --------- (66,382) Total liabilities --------- ---------- ---------- ---------- --------- Net assets 11,167 - - - 11,167 Net assets --------- ---------- ---------- ---------- --------- Equity Equity Share capital 1,341 - - - 1,341 Issued capital Share premium account 23,903 - - - 23,903 Share premium account Retained earnings and other reserves (16,797) - - - (16,797) Retained earnings and --------- ---------- ---------- ---------- --------- other reserves Equity attributable to shareholders of parent company 8,447 - - - 8,447 Equity attributable to shareholders of parent company Minority interests 2,720 - - - 2,720 Minority interests --------- ---------- ---------- ---------- --------- 11,167 - - - 11,167 --------- ---------- ---------- ---------- --------- - - - (77,549) Total equity and ------------------- ========= ========== ========== ========== ========= liabilities ------------------- * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.4 IFRS Balance Sheet as at 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS Format IFRS 3 IAS 38 IFRS 3 IAS 19 IAS 32 IAS 12 Goodwill Goodwill/ Intangible Employee Preference Deferred amort'n intangibles Assets Benefits Shares/ tax on US reversal amort'n loan note goodwill Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 13,005 376 (5,810) (232) - - - Other intangible assets - - 5,810 (243) - - - Property, plant & equipment 8,982 - - - - - - Deferred tax 4 - - - - - - ------ ------- ------- ------- ------- ------- ------- 21,991 376 - (475) - - - ------ ------- ------- ------- ------- ------- ------- Current assets Inventories 20,727 - - - - - - Trade and other receivables 24,066 - - - - - - Taxation recoverable 154 - - - - - - Cash and cash equivalents 10,611 - - - - - - ------ ------- ------- ------- ------- ------- ------- 55,558 - - - - - - ------ ------- ------- ------- ------- ------- ------- Total assets 77,549 376 - (475) - - - ------ ------- ------- ------- ------- ------- ------- Current liabilities Short term borrowings (433) - - - - (4,850) - Trade and other payables (25,377) - - - (205) - - Corporation tax liabilities (1,304) - - - - - - ------ ------- ------- ------- ------- ------- ------- (27,114) - - - (205) (4,850) - ------ ------- ------- ------- ------- ------- ------- Net current assets 28,444 - - - (205) (4,850) - ------ ------- ------- ------- ------- ------- ------- Non-current liabilities Medium and long term borrowings (38,408) - - - - - - Other payables (210) - - - - - - Deferred tax liabilities (650) - - 104 31 - 128 ------ ------- ------- ------- ------- ------- ------- (39,268) - - 104 31 - 128 ------ ------- ------- ------- ------- ------- ------- Total liabilities (66,382) - - 104 (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Net assets 11,167 376 - (371) (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Equity Issued capital 1,341 - - - - (278) - Share premium account 23,903 - - - - (4,704) - Retained earnings and other reserves (16,797) 376 - (371) (174) 132 128 ------ ------- ------- ------- ------- ------- ------- Equity attributable to shareholders 8,447 376 - (371) (174) (4,850) 128 Minority interests 2,720 - - - - - - ------ ------- ------- ------- ------- ------- ------- 11,167 376 - (371) (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Total equity and liabilities (77,549) (376) - 475 - - - ------------- ------ ------- ------- ------- ------- ------- ------- UK GAAP Balances in IFRS Format IAS 12 IAS 12 IAS 21 IAS 30 IAS 10 Other IFRS Deferred Deferred Goodwill Interest Dividends tax on US tax on /intangible rate goodwill revalued translation swap Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 13,005 - - (141) - - 46 7,244 Other intangible assets - - - (233) - - - 5,334 Property, plant & equipment 8,982 - - - - - - 8,982 Deferred tax 4 - - - - - - 4 21,991 - - (374) - - 46 21,564 Current assets Inventories 20,727 - - - - - 136 20,863 Trade and other receivables 24,066 - - - 130 - (320) 23,876 Taxation recoverable 154 - - - - - - 154 Cash and cash equivalents 10,611 - - - - - - 10,611 55,558 - - - 130 - (184) 55,504 Total assets 77,549 - - (374) 130 - (138) 77,068 Current liabilities Short term borrowings (433) - - - - - - (5,283) Trade and other payables (25,377) - - - - 629 24 (24,929) Corporation tax liabilities (1,304) - - - - - - (1,304) (27,114) - - - - 629 24 (31,516) Net current assets 28,444 - - - 130 629 (160) 23,988 Non-current liabilities Medium and long term borrowings (38,408) - - - - - - (38,408) Other payables (210) - - - - - - (210) Deferred tax liabilities (650) 128 (290) - - - 47 (630) (39,268) 128 (290) - - - 47 (39,248) Total liabilities (66,382) 128 (290) - - 629 71 (70,764) Net assets 11,167 128 (290) (374) 130 629 (67) 6,304 Equity Issued capital 1,341 - - - - - - 1,063 Share premium account 23,903 - - - - - - 19,199 Retained earnings and other reserves (16,797) 128 (290) (374) 130 629 (67) (16,678) Equity attributable to shareholders 8,447 128 (290) (374) 130 629 (67) 3,584 Minority interests 2,720 - - - - - - 2,720 11,167 128 (290) (374) 130 629 (67) 6,304 Total equity and liabilities (77,549) - - 374 (130) - 138 (77,068) 2.5 Cash Flow Statement for the year 31 December 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Reconcile to Financing Corporation tax profit for period Â£000 Â£000 Â£000 Â£000 Â£000 Cash flows from operating activities 4,688 - - 4,688 Profit for period 1,337 - - 1,337 Tax expense 1,169 - - 1,169 Net finance costs Operating profit 7,194 (7,194) - - - Depreciation 1,073 - - - 1,073 Depreciation Amortization 410 - - - 410 Amortization Profit on sale of tangible fixed assets (1) - - - (1) Profit on sale of property, plant and equipment - - - 8,676 Operating profit before changes in working capital and provisions Decrease in debtors 215 - - - 215 Decrease in trade and other receivables Increase in stock (675) - - - (675) Increase in inventories Decrease in creditors (1,713) - - - (1,713) Decrease in trade and other payables - - (1,062) (1,062) Corporation tax Net cash inflow from operating activities 6,503 - (1,062) 5,441 Net cash flow from operating activities Returns on - - - - investment and servicing of finance Interest received 51 - (51) - Interest paid (1,280) - 1,280 - Interest element of hire purchase payments (47) - 47 - Preference dividends paid (426) - 426 - Dividend paid to minority share holder (103) - 103 - (1,805) - - - Taxation (1,062) - - 1,062 Capital - - - Cash flows from expenditure and investing activities financial investment Purchase of tangible fixed assets (1,020) - - - (1,020) Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets 38 - - - 38 Proceeds from sale of tangible fixed assets (982) - - - Acquisitions - - - and disposals Purchase of - - - - - Purchase of intangible intangible assets assets Acquisition of subsidiary undertakings (13,700) - - - (13,700) Purchase of subsidiary undertakings - 51 - 51 Interest received - - - (14,631) Net cash flow from investing activities (13,700) - - - - Cash flow from financing activities Equity dividends paid (1,077) - - - (1,077) Dividends paid Financing - (1,327) - (1,327) Interest paid Issue of shares 26 - - - 26 Proceeds from the issue of share capital - (426) - (426) Preference dividends paid - (103) - (103) Dividend paid to minority shareholder New loans 10,967 - - - 10,967 New Loans 10,993 - - - 8,060 Net cash flows from financing activities Increase in cash in the year 797 - (1,927) - (1,130) Net decrease in cash and cash equivalents Movement in liquid resources (1,927) - 1,927 - (1,130) * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' and IAS 7 'Cash Flow Statements' 2.6 Cash Flow Statement for the year to 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 19 IAS 32 IAS 3 Share- Goodwill Employee Preference Amort'n of based amort'n benefits shares intangibles payments reversal Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Profit for the period 4,688 (3) 376 (51) (446) (366) Tax expense 1,337 (1) - 1 - (109) Net finance cost 1,169 - - - 446 - Depreciation 1,073 - - - - - Amortization 410 - (376) - - 475 Profit on sale of tangible fixed assets (1) - - - - - Equity settled share-based payment expense - 4 - - - - ------- ------- ------- ------- ------- ------- Operating profit before changes in working capital 8,676 - - (50) - - Decrease in trade and other receivables 215 - - - - - Increase in inventories (675) - - - - - Increase in trade and other payables (1,713) - - 50 - - Corporation tax (1,062) - - - - - ------- ------- ------- ------- ------- ------- Net cash flow from operating activities 5,441 - - - - - ------- ------- ------- ------- ------- ------- Cash flows from - - - - - investing activities Purchase of tangible fixed assets (1,020) - - - - - Proceeds from sale of tangible fixed assets 38 - - - - - Purchase of subsidiary undertakings (13,700) - - - - - Interest received 51 - - - - - ------- ------- ------- ------- ------- ------- Net cash flow from investing activities (14,631) - - - - - ------- ------- ------- ------- ------- ------- Cash flow from - - - - - financing activities Interest paid (1,327) - - - (426) - Proceeds from the issue of share capital 26 - - - - - Preference dividends paid (426) - - - 426 - Dividend paid to minority shareholder (103) - - - - - New Loans 10,967 - - - - - Dividends paid (1,077) - - - - - ------- ------- ------- ------- ------- ------- Net cash flows from financing activities 8,060 - - - - - ------- ------- ------- ------- ------- ------- Net decrease in cash and cash equivalents (1,130) - - - - - --------------------- ------- ------- ------- ------- ------- ------- UK GAAP Balances in IFRS format IAS 12 IAS 12 Other IFRS US Deferred goodwill tax on revalued assets Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Profit for the period 4,688 (40) 3 (24) 4,137 Tax expense 1,337 40 (3) (10) 1,255 Net finance cost 1,169 - - - 1,615 Depreciation 1,073 - - - 1,073 Amortization 410 - - - 509 Profit on sale of tangible fixed (1) - - - (1) assets Equity settled share-based payment - - - - 4 expense Operating profit before changes in 8,676 - - (34) 8,592 working capital Decrease in trade and other 215 - - 86 301 receivables Increase in inventories (675) - - (47) (722) Increase in trade and other (1,713) - - (5) (1,668) payables Corporation tax (1,062) - - - (1,062) Net cash flow from operating 5,441 - - - 5,441 activities Cash flows from investing - - - - activities Purchase of tangible (1,020) - - - (1,020) fixed assets Proceeds from sale of tangible 38 - - - 38 fixed assets Purchase of subsidiary (13,700) - - - (13,700) undertakings Interest received 51 - - - 51 Net cash flow from investing (14,631) - - - (14,631) activities Cash flow from financing - - - - activities Interest paid (1,327) - - - (1,753) Proceeds from the issue of share 26 - - - 26 capital Preference dividends paid (426) - - - - Dividend paid to minority shareholder (103) - - - (103) New Loans 10,967 - - - 10,967 Dividends paid (1,077) - - - (1,077) Net cash flows from financing 8,060 - - - 8,060 activities Net decrease in cash and cash (1,130) - - - (1,130) equivalents 2.7 Income Statement for the period to 30 June 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP balances in Reclassification * Interest receivable UK GAAP balances in IFRS format condensed UK GAAP format Â£000 Â£000 Â£000 Turnover 31,039 - 31,039 Revenue Operating profit/ Profit on ordinary activities before 1,996 - 1,996 Operating profit interest Net interest payable (417) (31) (448) Financial costs 31 31 Financial income Profit on ordinary activities before taxation 1,579 - 1,579 Profit before taxation Taxation (354) - (354) Taxation Profit for the 1,225 - 1,225 Profit for the period period Profit for Profit for the period the period attributable to: attributable to: Minority interests 160 - 160 Minority interests Shareholders of the parent 1,065 - 1,065 Equity holders of the company parent company * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.8 Income Statement for the period to 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 12 IAS 12 Share-based Goodwill Deferred tax US payments amort'n on revalued goodwill reversal assets Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 31,039 - - - - ------- --------- --------- --------- --------- Operating profit 1,996 (2) 88 - - Financial costs (448) - - - - Financial income 31 - - - - ------- --------- --------- --------- --------- Profit before taxation 1,579 (2) 88 - - Taxation (354) 1 - 1 (20) ------- --------- --------- --------- --------- Profit for the period 1,225 (1) 88 1 (20) ------- --------- --------- --------- --------- Profit for the period attributable to: Minority interests 160 - - - - Equity holders of the parent company 1,065 (1) 88 1 (20) ---------------- ======= ========= ========= ========= ========= UK GAAP Balances in IFRS format Other IAS 32 IAS 19 IFRS Preference Employee Shares benefits Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 31,039 10 - - 31,049 ------- --------- --------- --------- --------- Operating profit 1,996 5 - (133) 1,954 Financial costs (448) - (223) - (671) Financial income 31 - - - 31 ------- --------- --------- --------- --------- Profit before taxation 1,579 5 (223) (133) 1,314 Taxation (354) (1) - 33 (340) ------- --------- --------- --------- --------- Profit for the period 1,225 4 (223) (100) 974 ------- --------- --------- --------- --------- Profit for the period attributable to: Minority interests 160 - - (1) 159 Equity holders of the parent company 1,065 4 (223) (99) 815 ---------------- ======= ========= ========= ========= ========= 2.9 IFRS Balance Sheet as at 30 June 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format ----------------------------- ------------------ ----------------------------- Debtors Creditors Creditors <1 year <1 year >1 year ------- ------- ------- ------------------------ ------- ------- ------------------------ Â£000 Â£000 Â£000 Â£000 Â£000 Fixed assets Non current assets Intangible assets 3,232 - - - 3,232 Goodwill Tangible fixed assets 8,959 - - - 8,959 Property, plant & ------- ------- ------- ------- ------- equipment 12,191 - - - 12,191 ------- ------- ------- ------- ------- Current assets Current assets Stock 19,148 - - - 19,148 Inventories Debtors falling due within one year 17,195 - - - 17,195 Trade and other receivables 94 - - 94 Taxation recoverable Cash and deposits 8,327 - (2,040) - 6,287 Cash and cash ------- ------- ------- ------- ------- equivalents 44,670 94 (2,040) - 42,724 ------- ------- ------- ------- ------- - - - 54,915 Total assets ------- ------- ------- ------- Creditors due within one year (18,759) - 18,759 - - Current liabilities - (356) - (356) Short term borrowings - (15,995) - (15,995) Trade and other payables (94) (368) - (462) Corporation tax ------- ------- ------- ------- ------- liabilities (18,759) (94) 2,040 - (16,813) ------- ------- ------- ------- ------- Net current assets 25,911 - - - 25,911 Net current assets ------- ------- ------- ------- ------- Creditors due after more than one year (29,096) - - 29,096 Non-current liabilities - - (28,853) (28,853) Medium and long term borrowings - - (243) (243) Other payables Provisions for liabilities and charges (869) - - - (869) Deferred tax ------- ------- ------- ------- ------- liabilities (29,965) (29,965) ------- ------- ------- ------- ------- - - - (46,778) Total liabilities ------- ------- ------- ------- ------- Net assets 8,137 - - - 8,137 Net assets ------- ------- ------- ------- ------- Equity Equity Share capital 1,341 - - - 1,341 Issued capital Share premium account 23,903 - - - 23,903 Share premium account Retained earnings and other reserves (19,564) - - - (19,564) Retained earnings and ------- ------- ------- ------- ------- other reserves Equity attributable to shareholders of parent company 5,680 - - - 5,680 Equity attributable to shareholders of parent company Minority interests 2,457 2,457 Minority interests ------- ------- ------- ------- ------- 8,137 - - - 8,137 ------- ------- ------- ------- ------- - - - (54,915) Total equity and ---------------------- ======= ======= ======= ======= ======= liabilities ------------------------ 2.10 IFRS Balance Sheet as at 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS 3 IAS 19 IAS 12 IAS 12 IFRS Format Goodwill Employee Deferred Deferred tax amort'n benefits tax on US on revalued reversal goodwill assets Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,232 (161) - - - Other intangible assets - 249 - - - Property, plant & equipment 8,959 - - - - ------- --------- --------- --------- --------- 12,191 88 - - - ------- --------- --------- --------- --------- Current assets Inventories 19,148 - - - - Trade and other receivables 17,195 - - - - Taxation recoverable 94 - - - - Cash and cash equivalents 6,287 - - - - ------- --------- --------- --------- --------- 42,724 - - - - ------- --------- --------- --------- --------- Total assets 54,915 88 - - - ------- --------- --------- --------- --------- Current liabilities Short term borrowing (356) - - - - Trade and other payables (15,995) - (280) - - Corporation tax liabilities (462) - - - - ------- --------- --------- --------- --------- (16,813) - (280) - - ------- --------- --------- --------- --------- Net current assets 25,911 - (280) - - ------- --------- --------- --------- --------- Non-current liabilities Medium and long term borrowings (28,853) - - - - Other payables (243) - - - - Deferred tax liabilities (869) - 65 156 (292) ------- --------- --------- --------- --------- (29,965) - 65 156 (292) ------- --------- --------- --------- --------- Total liabilities (46,778) - (215) 156 (292) ------- --------- --------- --------- --------- Net assets 8,137 88 (215) 156 (292) ------- --------- --------- --------- --------- Equity Issued capital 1,341 - - - - Share premium account 23,903 - - - - Retained earnings and other reserves (19,564) 88 (214) 156 (292) ------- --------- --------- --------- --------- Equity attributable to shareholders 5,680 88 (214) 156 (292) Minority interests 2,457 - (1) - - ------- --------- --------- --------- --------- 8,137 88 (215) 156 (292) ------------- ------- --------- --------- --------- --------- Total equity and liabilities (54,915) (88) - - - ------------- ------- --------- --------- --------- --------- UK GAAP IAS 10 IAS 32 Other IFRS Balances in Dividends Preference IFRS Format shares/ loan note Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,232 - - - 3,071 Other intangible assets - - - - 249 Property, plant & equipment 8,959 - - - 8,959 12,191 - - - 12,279 Current assets Inventories 19,148 - - 30 19,178 Trade and other receivables 17,195 - - (93) 17,102 Taxation recoverable 94 - - - 94 Cash and cash equivalents 6,287 - - - 6,287 42,724 - - (63) 42,661 Total assets 54,915 - - (63) 54,960 Current liabilities Short term borrowing (356) - - - (356) Trade and other payables (15,995) 494 - 7 (15,774) Corporation tax liabilities (462) - - - (462) (16,813) 494 - 7 (16,592) Net current assets 25,911 494 - (56) 26,069 Non-current liabilities Medium and long term borrowings (28,853) - (4,845) - (33,698) Other payables (243) - - - (243) Deferred tax liabilities (869) - - 16 (924) (29,965) - (4,845) 16 (34,865) Total liabilities (46,778) 494 (4,845) 23 (51,457) Net assets 8,137 494 (4,845) (40) 3,483 Equity Issued capital 1,341 - (278) - 1,063 Share premium account 23,903 - (4,709) - 19,194 Retained earnings and other reserves (19,564) 494 142 (40) (19,230) Equity attributable to shareholders 5,680 494 (4,845) (40) 1,027 Minority interests 2,457 - - 2,456 8,137 494 (4,845) (40) 3,483 Total equity and liabilities (54,915) - - 63 (54,940) 2.11 IFRS Cash Flow statement for the period to 30 June 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in Condensed UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Reconcile to Financing Corporation tax profit before tax Â£000 Â£000 Â£000 Â£000 Â£000 Cash flows from operating activities 1,225 - - 1,225 Profit for period 354 - - 354 Tax expense 417 - - 417 Net finance costs Operating profit 1,996 (1,996) - - - Depreciation 537 - - - 537 Depreciation Amortization 105 - - - 105 Amortization Profit on sale - - - - - Profit on sale of of tangible tangible fixed fixed assets assets - - - 2,638 Operating profit before changes in working capital and provisions Movement in current operating assets and liabilities (5,601) - - - (5,601) Movement in current operating assets and liabilities - - (743) (743) Corporation tax paid Net cash outflow from operating activities (2,963) - - (743) (3,706) Net cash flow from operating activities Returns on - - - - investments and servicing of finance Interest received 31 - (31) - Interest paid (448) - 448 - Preference dividend paid (213) - 213 - Dividend paid to minority shareholder (103) - 103 - (733) - - - Taxation (743) - - 743 Capital - - - - - Cash flows from expenditure and investing activities financial investment of tangible fixed assets (613) - - - (613) Purchase of tangible fixed assets (613) - - - Acquisitions - - - - and disposals Purchase of - - - - - Purchase of intangible intangible assets assets Acquisition of subsidiary undertakings (183) - - - (183) Purchase of subsidiary undertakings - 31 - 31 Interest received - - - (765) Net cash flow from investing activities (183) - - - - Cash flow from financing activities Equity dividends paid (583) - - - (583) Dividends paid Financing - - (448) - (448) Interest paid Issue of shares 26 - - - 26 Proceeds from the issue of share capital - (213) - (213) Preference dividends paid - - (103) - (103) Dividend paid to minority shareholder - - (197) - (197) Loans repaid - - - - (1,518) Net cash flows from financing activities Increase in net debt in the period (5,792) - (197) - (5,989) Net decrease in cash and cash equivalents * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' and IAS 7 'Cash Flow Statements' 2.12 IFRS Cash Flow statement for the period to 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 32 IAS 19 Share-based Goodwill Preference Employee payments amort'n shares benefits reversal Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Profit for period 1,215 (1) 88 (223) (100) Tax expense 354 (1) - - (33) Net finance cost 417 - - 223 - Depreciation 537 - - - - Amortization 105 - (88) - - Profit on sale of - - - - - tangible fixed assets Equity settled share-based payment expense - 2 - - - ------- -------- -------- -------- -------- Operating profit before changes in working capital 2,638 - - - (133) Movement in current operating assets and liabilities (5,601) - - - 133 Corporation tax (743) - - - - ------- -------- -------- -------- -------- Net cash flow from operating activities (3,706) - - - - ------- -------- -------- -------- -------- Cash flows from - - - - - investing activities Purchase of tangible fixed assets (613) - - - - Proceeds from sale of - - - - - tangible fixed assets Purchase of intangible - - - - - fixed assets Purchase of subsidiary undertakings (183) - - - - Interest received 31 - - - - ------- -------- -------- -------- -------- Net cash flow from investing activities (765) - - - - ------- -------- -------- -------- -------- Cash flow from - - - - - financing activities Interest paid (448) - - (213) - Proceeds from the issue of share capital 26 - - - - Preference dividends paid (213) - - 213 - Dividend paid to minority shareholder (103) - - - - Loans repaid (197) - - - - Dividends paid (583) - - - - ------- -------- -------- -------- -------- Net cash flows from financing activities (1,518) - - - - ------- -------- -------- -------- -------- Net decrease in cash and cash equivalents (5,989) - - - - --------------------- ------- -------- -------- -------- -------- UK GAAP Balances in IFRS format IAS 12 IAS 12 Other IFRS US Deferred tax goodwill on revalued assets Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Profit for period 1,215 (20) 1 4 974 Tax expense 354 20 (1) 1 340 Net finance cost 417 - - - 640 Depreciation 537 - - - 537 Amortization 105 - - - 17 Profit on sale of tangible - - - - - fixed assets Equity settled share-based payment expense - - - - 2 Operating profit before changes in working capital 2,638 - - 5 2,510 Movement in current operating assets and liabilities (5,601) - - (5) (5,473) Corporation tax (743) - - - (743) Net cash flow from operating activities (3,706) - - - (3,706) Cash flows from investing - - - - - activities Purchase of tangible fixed assets (613) - - - (613) Proceeds from sale of - - - - - tangible fixed assets Purchase of intangible - - - - - fixed assets Purchase of subsidiary undertakings (183) - - - (183) Interest received 31 - - - 31 Net cash flow from investing activities (765) - - - (765) Cash flow from financing - - - - - activities Interest paid (448) - - - (661) Proceeds from the issue of share capital 26 - - - 26 Preference dividends paid (213) - - - - Dividend paid to minority shareholder (103) - - - (103) Loans repaid (197) - - - (197) Dividends paid (583) - - - (583) Net cash flows from financing activities (1,518) - - - (1,518) Net decrease in cash and cash equivalents (5,989) - - - (5,989) 2.13FRS Transition Balance Sheet as at 1 January 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Debtors Creditors Intangible Creditors <1 year <1 year Assets > 1 year Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Fixed assets Non current assets Intangible assets 3,337 - - (141) - 3,196 Goodwill - - 141 - 141 Other intangible assets Tangible fixed assets 8,909 - - - - 8,909 Property, plant & equipment 12,246 - - - - 12,246 Current assets Current assets Stock 17,451 - - - - 17,451 Inventories Debtors falling due within one year 20,667 - - - - 20,667 Trade and other receivables 94 - - - 94 Taxation recoverable Cash and deposits 12,490 - (35) - - 12,455 Cash and cash equivalents 50,608 94 (35) - - 50,667 - - - - 62,913 Total assets Creditors due within one year (24,303) - 24,303 - - Current liabilities - (493) - - (493) Short term borrowings - (23,021) - - (23,021) Trade and other payables (94) (754) - - (848) Corporation tax liabilities (24,303) (94) 35 - - (24,362) Net current assets 26,305 - - - - 26,305 Net current assets Creditors due after more than one year (29,588) - - - 29,588 Non-current liabilities Medium and long term borrowings - - - - (29,349) (29,349) Medium and long term borrowings Other creditors - - - - (239) (239) Other payables Provisions for liabilities and charges (875) - - - - (875) Provisions (30,463) - - - - (30,463) - - - - (54,825) Total liabilities Net assets 8,088 - - - - 8,088 Net assets Equity Equity Share capital 1,341 - - - - 1,341 Issued capital Share premium account 23,893 - - - - 23,893 Share premium account Retained earni ngs and other reserves (19,582) - - - - (19,582) Profit and loss account Equity attributable to shareholders of parent company 5,652 - - - - 5,652 Equity attributable to shareholders of parent company Minority interest 2,436 - - - - 2,436 Minority interest 8,088 - - - - 8,088 - - - - (62,913) Total equity and liabilities * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.14 IFRS Transition Balance Sheet as at 1 January 2004 - Effect of Other Standards UK GAAP Balances in IFRS format IAS 19 IAS 12 IAS 12 Other Employee Deferred Deferred benefits tax on US tax on goodwill revalued assets Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,071 - - - - Other intangible assets 266 - - - - Property, plant & equipment 8,909 - - - - --------- --------- --------- --------- --------- 12,246 - - - - --------- --------- --------- --------- --------- Current assets Inventories 17,451 - - - 33 Taxation recoverable 94 - - - - Trade and other receivables 20,667 - - - (103) Cash and cash equivalents 12,455 - - - - --------- --------- --------- --------- --------- 50,667 - - - (70) --------- --------- --------- --------- --------- Total assets 62,913 - - - (70) --------- --------- --------- --------- --------- Current liabilities Short term borrowings (493) - - - - Trade and other payables (23,021) (153) - - 9 Corporation tax liabilities (848) - - - - --------- --------- --------- --------- --------- (24,362) (153) - - 9 --------- --------- --------- --------- --------- Net current assets 26,305 (153) - - (61) --------- --------- --------- --------- --------- Non-current liabilities Medium and long term borrowings (29,349) - - - - Other payables (239) - - - - Deferred tax liabilities (875) 32 178 (293) 16 --------- --------- --------- --------- --------- (30,463) 32 178 (293) 16 --------- --------- --------- --------- --------- Total liabilities (54,825) (121) 178 (293) 25 --------- --------- --------- --------- --------- Net assets 8,088 (121) 178 (293) (45) --------- --------- --------- --------- --------- Equity Issued capital 1,341 - - - - Share premium account 23,893 - - - - Retained earnings and other reserves (19,582) (121) 178 (293) (45) --------- --------- --------- --------- --------- Equity shareholders' funds 5,652 (121) 178 (293) (45) Minority interests 2,436 - - - - --------- --------- --------- --------- --------- 8,088 (121) 178 (293) (45) --------- --------- --------- --------- --------- Total equity and liabilities (62,913) - - - 70 ---------------- --------- --------- --------- --------- --------- UK GAAP Balances in IFRS format IAS 10 IAS 32 IFRS Dividends Preference shares Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,071 - - 3,071 Other intangible assets 266 - - 266 Property, plant & equipment 8,909 - - 8,909 12,246 - - 12,246 Current assets - Inventories 17,451 - - 17,484 Taxation recoverable 94 - - 94 Trade and other receivables 20,667 - - 20,564 Cash and cash equivalents 12,455 - - 12,455 50,667 - - 50,597 Total assets 62,913 - - 62,843 Current liabilities Short term borrowings (493) - - (493) Trade and other payables (23,021) 583 - (22,582) Corporation tax liabilities (848) - - (848) (24,362) 583 - (23,923) Net current assets 26,305 583 - 26,674 Non-current liabilities Medium and long term borrowings (29,349) - (4,835) (34,184) Other payables (239) - - (239) Deferred tax liabilities (875) - - (942) (30,463) - (4,835) (35,365) Total liabilities (54,825) 583 (4,835) (59,288) Net assets 8,088 583 (4,835) 3,555 Equity Issued capital 1,341 - (278) 1,063 Share premium account 23,893 - (4,709) 19,184 Retained earnings and other reserves (19,582) 583 152 (19,128) Equity shareholders' funds 5,652 583 (4,835) 1,119 Minority interests 2,436 - - 2,436 8,088 583 (4,835) 3,555 Total equity and liabilities (62,913) - - (62,843) This information is provided by RNS The company news service from the London Stock Exchange

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Quarto Group Inc. (QRT)

Tuesday, 14th May 2024

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VOD OTB CURY

Currys impressed this morning as sales performance improved after Christmas, whilst the reshaped Vodafone also found support from full yar earnings. On The Beach was however looking stranded as the cost of living crisis continues to bite.

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