29th Apr 2005 09:22
Bunzl PLC29 April 2005 29 April 2005 2004 Preliminary IFRS Financial Statements Bunzl plc, the international distribution and outsourcing Group, is preparingfor the adoption of International Financial Reporting Standards ("IFRS") as itsprimary accounting basis for the year ending 31 December 2005. As part of thistransition, Bunzl is presenting today its preliminary financial statementsprepared in accordance with IFRS for the year ended 31 December 2004 and the sixmonths ended 30 June 2004. The financial statements prepared in accordance with UK Generally AcceptedAccounting Principles for the year ended 31 December 2004 and the six monthsended 30 June 2004 were presented on 28 February 2005 and 31 August 2004respectively. The key features are that: • The impact of IFRS is not very significant on the financial results for both the year ended 31 December 2004 and the six months ended 30 June 2004 • There are no changes to cash flow or net debt • The Group's ability to continue to pay dividends is unaffected The primary changes arising from the restatement are: • Non-amortisation of goodwill • Recognition and amortisation of certain intangibles on acquisitions made on or after 1 January 2004 • Inclusion of a fair value charge in relation to employee share schemes • Deferred taxation • Timing of dividend recognition For the year ended 31 December 2004 operating profit before intangibleamortisation has decreased by £7.4m as a result of the IFRS restatement andprofit before income tax has increased by £10.9m. Earnings per share adjustedfor intangible amortisation have decreased from 34.4p to 33.5p and basicearnings per share have increased from 28.7p to 31.9p. Equity shareholders'funds have increased by £58.0m. For the six months ended 30 June 2004 operating profit before intangibleamortisation has decreased by £3.2m as a result of the IFRS restatement andprofit before income tax has increased by £5.5m. Earnings per share adjusted forintangible amortisation have decreased from 15.4p to 15.0p and basic earningsper share have increased from 13.1p to 14.6p. Equity shareholders' funds haveincreased by £28.3m. Full details of the impact of the IFRS restatement including KPMG Audit Plc'saudit and review reports are available on the Group's website: www.bunzl.com. Enquiries: Bunzl plc FinsburyDavid Williams, Finance Director Roland RuddTel: 020 7495 4950 Morgan Bone Tel: 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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