11th May 2005 07:02
Dixons Group PLC11 May 2005 PR 31/05 Strictly embargoed. For release after 07.00 hours 11 May 2005 DIXONS GROUP plc OPERATIONAL NOTE: ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS Dixons Group plc currently prepares its financial statements in accordance with UK Generally Accepted Accounting Principles (UK GAAP). Following a European Union Regulation issued on 19 July 2002, Dixons Group plc will be required to report its results in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Commission (EC) from 1 May 2005. The transition date to IFRS for Dixons Group plc is 2 May 2004 (the Transition Date), being the start of the period of comparative information. Key differences between UK GAAP and IFRS are described in the operating and financial review in the 2003/04 annual report and accounts. A detailed explanation of those differences between UK GAAP and IFRS that are applicable to the Group, together with reconciliations of the primary financial statements for 2004/05 will be released on 22 June 2005. The Group has elected to apply IFRS 2 "Share based payment" to those share based payments granted before 7 November 2002 and unvested as at the Transition Date. IFRS 2 is only required to be applied to share based payments granted after 7 November 2002. However, the Group considers that retrospective application before this date provides a better indication of how past and future results are affected in relation to the year on year level of grants. As required by IFRS 2, the fair values of grants made before 7 November 2002 must be disclosed before IFRS is formally adopted. Accordingly, fair values of such grants which impact the Group's 2004/05 profit and loss account are shown below. --------- ENDS --------- Maylands Avenue Kevin O'Byrne------------------ -------------------Hemel Hempstead Group Finance DirectorHertfordshire HP2 7TG 11 May 2005------------------ ------------------- Fair values of share based payments granted prior to 7 November 2002 and impacting the 2004/05 profit and loss account Grant date Plan type Vesting Fair value of period individual award at (years) grant date (£ per share)2 June 2000 Sharesave scheme 5 1.7174 12 March Sharesave scheme 5 0.85052001 7 March 2002 Sharesave scheme 5 0.9912 7 March 2002 Sharesave scheme 3 0.8970 17 July 2000 Employee share option scheme 4 1.0182 5 February Employee share option scheme 4 0.76182001 23 July 2001 Employee share option scheme 3 0.6063 23 July 2001 Employee share option scheme 4 0.6653 15 February Employee share option scheme 3 0.58872002 22 July 2002 Employee share option scheme 4 0.4174 22 July 2002 Employee share option scheme 3 0.3904 4 July 2001 Deferred Equity Participation 3 2.1500 Plan 7 May 2002 Long Term Incentive Plan 1 - 3 2.1032 22 July 2002 Deferred Equity Participation 3 1.4332 Plan 16 August 2002 Deferred Equity Participation 3 1.5856 Plan This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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