25th Feb 2005 07:00
Tesco PLC25 February 2005 25 February 2005 Tesco holds IFRS Seminar for investors Tesco will hold a seminar today, to help investors and analysts understand thechanges which will impact the company's reported accounts from the 2005/06 yearend as a result of the introduction of International Financial ReportingStandards (IFRS). The seminar will show that, while some reported figures may alter as a result ofIFRS, the business itself will not change. Commenting on the seminar, Finance and Strategy Director Andrew Higginson, said: "Tesco is the same business under IFRS as it was before. The adoption of IFRS isan important issue for all EU listed companies and one that we take seriously,but ultimately, it is an accounting, not an operational change." Tesco estimates that IFRS will have a small impact on statutory profit after tax(between zero and £30 million)* and no impact on group pre-tax cash flow. To help investors further, the 2004/05 accounts, restated under IFRS, will beissued in May 2005. Year end changes The company will also take the opportunity to provide an update on the changesto its reporting timetable which result from the harmonisation of internationaland group year ends. The 2005/06 financial year will end on 2 April 2006. Thereafter, the timetablewill be as follows: • Half year end - last Sunday in September / first Sunday in October • Year end - first Sunday in April • 13 week quarters, with trading updates for Q1 and Q3 (Q3 to include Christmas and New Year) The full presentation will be made available at 9.00am this morning on thecompany's website, at www.tesco.com/corporateinfo * This impact excludes the effect of IAS32 and IAS39 - Tesco has elected to takea one year exemption on these standards, as allowed under IFRS rules Contacts Investor Relations Steve Webb 01992 644800Press Jon Church 01992 646606 Notes to Editors 1. International Financial Reporting Standards have been drawn up by the International Accounting Standards Board (www.iasb.org) and will come into force this year for listed companies in all member countries of the European Union and in many other countries around the world. 2. While UK industry has to cope with the introduction of 37 new standards under IFRS, 17 of these have little or no impact on Tesco. A further 9 lead only to additional disclosure. Of the 11 remaining standards, in line with many other companies, Tesco has elected to take a one-year exemption on IAS32 and IAS39. 3. Tesco will report its final full year results under UK GAAP on 12th April 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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