22nd Mar 2006 07:01
Euromoney Institutional InvestorPLC22 March 2006 Euromoney Institutional Investor PLC IFRS restatement Euromoney Institutional Investor PLC will report on May 18 2006 its financialresults for the six months ended March 31 2006 in accordance with InternationalFinancial Reporting Standards ("IFRS"). The group today presents on its website (www.euromoneyplc.com) the effect ofadopting IFRS at October 1 2004, the date of transition, for the year endedSeptember 30 2005 and for the six months ended March 31 2005. The adoption of IFRS represents an accounting change only, and does not affectthe underlying performance of the business or cash flows of the group. Theimpact of adoption of IFRS on the results of the group for the year endedSeptember 30 2005 is to decrease profit before tax, goodwill, loss on disposaland share option expense by £0.8m and to increase profit before tax by £5.5m asshown below. ----------------------------------- -------------------- Year ended September 30 2005 UK GAAP IFRS Change Turnover £196.3 m £194.8 m -1%Profit before tax, goodwill, loss on £37.1 m £36.3 m -2%disposal and share option expenseProfit before tax £29.1 m £34.6 m +19%Adjusted diluted earnings a share 35.6 p 34.5 p -3%before goodwill and loss ondisposalDiluted earnings a share 28.0 p 34.1 p +22%Dividend (Interim paid and final 16.2 p 16.2 p +0%proposed)Net debt £65.8 m £65.8 m +0%Net liabilities (£49.8) m (£35.9) m -28% ----------------------------------- ------- ----- ------- ----- ------- The main areas of impact of IFRS on the group's profit for the year endedSeptember 30 2005 arise from: • Goodwill and other intangibles; • Exceptional loss on sale of business; • Share based payments; • Deferred marketing; • Leases; Financial instruments, hedging, derecognition of liabilities and acquisitionoption commitments are subject to the provisions of IAS 39 and will only affectthe group's accounts from October 1 2005. These changes are further explained in notes 3 and 4 to the announcement. END NOTE TO EDITORS About Euromoney Institutional Investor PLC Euromoney Institutional Investor PLC is listed on the London Stock Exchange anda member of the FTSE-250 share index. It is a leading internationalbusiness-to-business media group focused primarily on the international financesector. It publishes more than 100 magazines, newsletters and journals,including the leading financial market titles Euromoney and InstitutionalInvestor. It also runs an extensive portfolio of conferences, seminars andtraining courses and is a leading provider of electronic information and datacovering international finance and emerging markets. Its main offices arelocated in London, New York and Hong Kong and nearly half its revenues andprofits are derived from the United States. For further information please contact: Euromoney Institutional Investor Colin Jones, Finance Director 020 7779 8556 [email protected] Chris Benn, Group Financial Controller 020 7779 8784 [email protected] The Company Agency Alex Money or Tom Allison 020 7670 7451 [email protected] Or visit our website at: www.euromoneyplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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