27th Sep 2005 07:01
Northumbrian Water Group PLC27 September 2005 27 September 2005 Northumbrian Water Group plc (the Company) Adoption of International Financial Reporting Standards Northumbrian Water Group plc adopted International Financial Reporting Standards(IFRS) from 1 April 2005. These will be incorporated into the interim resultsfor the six months to 30 September 2005, due to be reported on 7 December 2005,and also into the preliminary results for the year to 31 March 2006, due to bereported in June 2006. The Company will be holding a conference call at 9.30am today concerning theimpact of the transition to IFRS on the Northumbrian Water Group's financialstatements. The call will be hosted by Chris Green, Finance Director. Thepresentation will be available at www.nwg.co.uk from 8.30am. IFRS impacts on Group reported numbers only and, in summary, there is no impacton cash, dividend policy or distributable reserves. As far as the comparativeinformation for the year to 31 March 2005 is concerned, this is summarised asfollows: - The impact on profit before tax in the year to 31 March 2005 is adecrease of £10 million whilst the impact on profit after tax in the same periodis a decrease of £20 million. - Net assets have decreased from £523 million to £173 million at 1 April2004 and from £569 million to £227 million at 31 March 2005, principally due tothe impact of deferred tax. For further information contact: Northumbrian Water 0191 301 6419Chris Green, Finance DirectorStewart Hazon, Group Financial Controller Finsbury 020 7251 3801Andrew MitchellSally Hogan This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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