18th Apr 2007 16:03
Statpro Group PLC18 April 2007 18 April 2007 StatPro Group plc("StatPro") Annual Report and Accounts The StatPro Group plc Annual Report and Accounts for the year ended 31 December 2006 has been distributed to shareholders and copies are available from the address below: The Company SecretaryStatPro Group plcStatPro House81-87 Hartfield RoadWimbledonLondon SW19 3TJ or from the StatPro website: www.StatPro.com Note on preliminary announcement of unaudited results: During the final audit process and following the release of the preliminaryannouncement of the unaudited results for the year ended 31 December 2006announced on 12 March 2007, it was brought to the attention of the directorsthat under International Accounting Standard 21 - The Effects of Changes inForeign Exchange Rates ("IAS 21"), goodwill arising on acquisition of a foreignoperation must be treated as part of the underlying investment on which it aroseand revalued in line with the functional currency of the acquired entity.Previously, companies had the choice of whether to carry the goodwill as acurrency asset subject to revaluation at each reporting date or at a value fixedin the functional currency of the ultimate reporting entity at the date ofacquisition. In the preliminary announcement of the unaudited results for theyear ended 31 December 2006 the goodwill was stated in the balance sheet at theunderlying sterling value based on the valuation at the date of the relevantacquisition. As a result of the application of IAS 21, the revaluation ofgoodwill to the applicable year end rates, the goodwill figure amounted to£29.869 million at 31 December 2006. In the preliminary announcement, goodwillwas reported as £31.577 million. There has been a corresponding reduction of£1.708 million in consolidated reserves and net assets at 31 December 2006, withexchange differences arising on the revaluation of goodwill being treated as areserve movement in the group statement of recognised income and expense.Application of IAS 21 had no material impact on the consolidated balance sheetas at 31 December 2005. This accounting change is not considered to be animpairment of goodwill, has no impact on the reported or future income for theGroup, and also has no impact on the cash position for the business. Goingforward, the goodwill carrying value will be subject to revaluation at eachbalance sheet date and will therefore change in line with movements in currencyrates. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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