26th Apr 2005 07:00
Hammerson PLC26 April 2005 International Financial Reporting Standards and Analyst Visit to Moorhouse Hammerson plc is today making a presentation to analysts and investors in whichit will restate the group's 2004 results under International Financial ReportingStandards (IFRS). The presentation will be held at Moorhouse, 120 London Wall,EC2 at 11.30 a.m. In addition, the group will take the opportunity to update attendees on the Cityof London office market and Hammerson's City portfolio. The presentations are to be made by: John Richards Chief ExecutiveSimon Melliss Group Finance DirectorWarren Austin Head of Financial Reporting and ControlRobin Martin Property Research AnalystMichael Baker Director and Head of Offices The slides and scripts used for both presentations will be available onHammerson's website (www.hammerson.co.uk) from 11.30 a.m. The principal changes arising from the adoption of IFRS for the group's 2004results are: • inclusion of investment property valuation changes in the income statement;• inclusion in the balance sheet of the contingent tax liability;• capitalisation of the minimum lease payments in respect of leasehold property interests;• exclusion of the provision for the 2004 final dividend;• inclusion of negative goodwill in the income statement;• inclusion of the net retirement benefit liability of defined benefit schemes on the balance sheet. These changes affect key figures and ratios as shown below: UK GAAP IFRS (£million) (£million) Net rental income 188.4 189.5 Profit before tax 127.2 413.4 Equity shareholders' funds 2,581 2,410 (pence) (pence) Earnings per share 42.1 156.2 Adjusted earnings per share 30.0 28.7 Adjusted net asset value per share 936 945 Gearing, excluding deferred tax 68% 68% The figures shown above reflect the current versions of the standards andinterpretations released to date and therefore should be regarded as provisionaland are unaudited. Accordingly the figures for 2004 actually used for andpresented as comparatives with the 2005 interim and final consolidated financialstatements may be different. A document detailing Hammerson's unaudited 2004 income statement, balance sheet,cashflow and certain notes under IFRS, together with, where appropriate,reconciliations between the figures under UK GAAP and those under IFRS, isavailable on Hammerson's website (www.hammerson.co.uk). For further information: Simon Melliss Tel: 020 7887 1000Group Finance Director, Hammerson plc Christopher Smith Tel: 020 7887 1019Director of Corporate Affairs, Hammerson plc This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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