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Hardide PLC (HDD)

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Wednesday 18 June, 2008

Hardide PLC

Adoption of IFRS

RNS Number : 9758W
Hardide PLC
18 June 2008
 



   



   



Press Release 

18 June 2008



Hardide plc


('Hardide' or 'the Group')



Adoption of IFRS



Set out below are reconciliations to show the effect on the reported figures of the Group moving from UK Generally Accepted Accounting Practice (UK GAAP) to International Financial Reporting Standards (IFRS). The reconciliations of equity as at 1 October 2006 (the date of transition to IFRS) and as at 30 September 2007 (the date of our last UK GAAP financial statements), and the reconciliation of profit for that year, as required by IFRS1 are shown below. In addition, a reconciliation of the effect of IFRS on the profit for the six months to March 2007 and on the equity as at 31 March 2007 is shown in order to allow a comparison of the effects for each period.


The adoption of IFRS represents an accounting change only and does not affect the underlying operation of the business or Hardide's cash flows.


First time adoption of IFRS


The Group's transition date to IFRS was 1 October 2006, which is the beginning of the comparative period for the year ended 30 September 2007. The Group has applied IFRS1 for the first time adoption of IFRS and has elected to use the following exemptions:


Business combinations - business combinations that took place prior to 1 October 2006 have not been restated;

Share-based payment - the Group has applied the requirements of IFRS2 Share-based payments to all grants of equity instruments after 7 November 2002 that were unvested as of 1 October 2006.


The key impacts of implementing IFRS with respect to the Group's consolidated accounts are:


Goodwill amortisation: In accordance with IFRS 3, goodwill is no longer amortised but is subject to annual impairment tests. Goodwill amortised from 1 October 2006 is reversed and goodwill on earlier acquisitions is fixed at the 1 October 2006 value.


Negative goodwill:  The balance of negative goodwill is written off at the opening balance sheet date.


Property, plant and equipment: In accordance with IAS 16, purchased software is classified as an intangible asset.



For further information:

    

Hardide plc


Robert Goddard / Peter Davenport / Jackie Robinson     

Tel: +44 (0) 1869 353 830


www.hardide.com

Seymour Pierce Limited


Nicola Marrin / Richard Feigen

Tel: +44 (0) 20 7107 8000

nicolamarrin@seymourpierce.com / 

richardfeigen@seymourpierce.com

www.seymourpierce.com



Media enquiries:


Abchurch


Chris Lane / George Parker

Tel: +44 (0) 20 7398 7719

george.parker@abchurch-group.com

www.abchurch-group.com

  

Reconciliation of equity at 1 October 2006 (date of transition to IFRS)














Effect of transition




UK GAAP


to IFRS


IFRS



£ '000


£ '000


£ '000

Assets














Non-current assets







Investments


 -


-


- 

Goodwill


(10)


81


71

Intangible assets


- 


9


9

Property, plant & equipment


1,753


(9)


1,744

Total non-current assets

 

1,743

 

81

 

1,824








Current assets







Inventories


102


-


102

Trade and other receivables


340


-


340

Other current financial assets


248


-


248

Cash and cash equivalents


1,803


-


1,803

Total current assets

 

2,493

 

- 

 

2,493








Total assets

 

4,236

 

81

 

4,317








Liabilities














Current liabilities







Trade and other payables


485


-


485

Financial liabilities


98


-


98

Provisions


- 


-


- 

Total current liabilities

 

584

 

 -

 

584








Net current assets

 

1,909

 

 -

 

1,909








Non-current liabilities







Financial liabilities


216


-


216

Total non-current liabilities

 

216

 

 -

 

216








Total liabilities

 

800

 

 -

 

800








Net assets

 

3,436

 

81

 

3,517








Equity







Share capital


1,467


-


1,467

Share premium


3,345


-


3,345

Retained earnings


(1,387)


81


(1,306)

Share-based payments reserve


- 


-


- 

Translation reserve


11


-


11

Total equity

 

3,436

 

81

 

3,517















Reconciliation of equity at 31 March 2007 (date of last UK GAAP interim statements)













Effect of transition




UK GAAP


to IFRS


IFRS



£ '000


£ '000


£ '000

Assets














Non-current assets







Investments


-


-


-

Goodwill


10


60


69

Intangible assets


 -


8


8

Property, plant & equipment


1,908


(8)


1,900

Total non-current assets

 

1,918

 

60

 

1,977








Current assets







Inventories


125


-


125

Trade and other receivables


426


-


426

Other current financial assets


164


-


164

Cash and cash equivalents


700


-


700

Total current assets

 

1,416

 

- 

 

1,416








Total assets

 

3,333

 

60

 

3,393








Liabilities














Current liabilities







Trade and other payables


449


-


449

Financial liabilities


114


-


114

Provisions


- 


-


-

Total current liabilities

 

563

 

-

 

563








Net current assets

 

853

 

-

 

853








Non-current liabilities







Financial liabilities


164


-


164

Total non-current liabilities

 

164

 

 -

 

164








Total liabilities

 

727

 

 -

 

727








Net assets

 

2,606

 

60

 

2,666








Equity







Share capital


1,467


-


1,467

Share premium


3,345


-


3,345

Retained earnings


(2,232)


60


(2,172)

Share-based payments reserve


22


-


22

Translation reserve


4


-


4

Total equity

 

2,606

 

60

 

2,666















Reconciliation of equity at 30 September 2007 (date of last UK GAAP financial statements)












Effect of transition




UK GAAP


to IFRS


IFRS



£ '000


£ '000


£ '000

Assets














Non-current assets







Investments


-


-


- 

Goodwill


24


46


69

Intangible assets


- 


7


7

Property, plant & equipment


1,668


(7)


1,661

Total non-current assets

 

1,692

 

46

 

1,737








Current assets







Inventories


99


-


99

Trade and other receivables


648


-


648

Other current financial assets


147


-


147

Cash and cash equivalents


1,135


-


1,135

Total current assets

 

2,029

 

- 

 

2,029








Total assets

 

3,721

 

46

 

3,767








Liabilities














Current liabilities







Trade and other payables


512


-


512

Financial liabilities


145


-


145

Provisions


- 


-


- 

Total current liabilities

 

657

 

 -

 

657








Net current assets

 

1,372

 

 -

 

1,372








Non-current liabilities







Financial liabilities


893


-


893

Total non-current liabilities

 

893

 

 -

 

893








Total liabilities

 

1,550

 

 -

 

1,550








Net assets

 

2,171

 

46

 

2,217








Equity







Share capital


1,467


-


1,467

Share premium


3,345


-


3,345

Retained earnings


(3,122)


46


(3,076)

Share-based payments reserve


450


-


450

Translation reserve


31


-


31

Total equity

 

2,171

 

46

 

2,217


Reconciliation of loss for six months ended 31 March 2007








Effect of transition




UK GAAP


to IFRS


IFRS



£ '000


£ '000


£ '000








Revenue


1,105


-


1,105

Cost of Sales


(581)


-


(581)








Gross Profit

 

525

 

 -

 

525








Administrative expenses


(1,229)


-


(1,229)

Depreciation and amortisation


(195)


(22)


(217)








Operating profit

 

(899)

 

(22)

 

(921)








Interest income


24


-


24

Finance costs


(12)


-


(12)








Profit on ordinary activities before tax

(887)

 

(22)

 

(909)








Tax


- 


-


- 








Profit for the period

 

(887)

 

(22)

 

(909)















Reconciliation of loss for the year ended 30 September 2007








Effect of transition




UK GAAP


to IFRS


IFRS



£ '000


£ '000


£ '000








Revenue


2,470


-


2,470

Cost of Sales


(1,180)


-


(1,180)








Gross Profit

 

1,290

 

 -

 

1,290








Administrative expenses


(2,676)


-


(2,676)

Depreciation


(439)


(36)


(475)








Operating profit

 

(1,825)

 

(36)

 

(1,861)








Interest income


31


-


31

Finance costs


(25)


-


(25)








Profit on ordinary activities before tax

(1,819)

 

(36)

 

(1,855)








Tax


24


-


24








Profit for the period

 

(1,795)

 

(36)

 

(1,831)



This information is provided by RNS
The company news service from the London Stock Exchange
 
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