8th Jul 2005 07:00
Morgan Crucible Co PLC08 July 2005 Adoption of International Financial Reporting Standards Restatement of primary financial information for 2004 The Morgan Crucible Company plc today announces the completion of itspreparations to adopt International Financial Reporting Standards The Morgan Crucible Company plc ("Morgan") has to date prepared its consolidatedaccounts in compliance with UK Generally Accepted Accounting Principles (UKGAAP). From 5 January 2005 Morgan is required by European Directives to reportits consolidated accounts under International Financial Reporting Standards(IFRS). The first full year reporting under IFRS will be the year ending 4January 2006. As part of this transition, Morgan is presenting a restatement of its 2004results under IFRS. A summary of the effect of the restatement on the 2004 consolidated accountsfollows:- UK IFRS IFRS GAAP Changes £m £m £mRevenue 795.9 - 795.9 Adjusted operating profit* 53.7 2.1 55.8Operating (loss) before financing costs (15.2) 8.5 (6.7) Basic earnings per share (27.3p) 5.3p (22.0p)(UK GAAP before goodwill amortisation) Net assets 240.4 (87.3) 153.1 * Adjusted operating profit is before financing costs, restructuring costs,costs associated with the settlement of anti-trust litigation, gains or losseson disposals of properties and, in respect of the UK GAAP profit, beforegoodwill amortisation. The primary changes to Morgan's reported 2004 financial information followingthe adoption of IFRS are as a result of: • Changes in presentation and disclosure • Recognising the deficit on defined benefit pension schemes on the balance sheet • Ceasing to amortise goodwill. Capitalised goodwill will in the future be subject to an annual impairment review • Recognising an expense for share-based payments • Recognising deferred tax assets and liabilities on a different basis The effect of the adoption of IFRS in respect of Morgan's 2004 consolidatedaccounts is set out in detail in a report that can be downloaded from thecompany's website as from 9.30am today at www.morgancrucible.comFor further information please contact: The Morgan Crucible Company plcVictoria Gould, Director of Group Communications 01753 837 000 Finsbury GroupCharlotte Hepburne-Scott / Robin Walker 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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