30th Oct 2007 08:13
Booker Group PLC30 October 2007 Booker Group plc Restatement of financial information under IFRS This announcement contains the restatement of certain Booker Group plc ("theGroup") financial information, previously issued under UK GAAP, to InternationalFinancial Reporting Standards. On 4 June 2007 the parent company of the Group, then named Blueheath Holdingsplc, became the legal parent company of Giant Topco Limited (parent company ofBooker Limited) in a share-for-share transaction. Due to the relative values ofthe companies, the former Giant Topco Limited shareholders became the majorityshareholders with 90.36% of the enlarged share capital. Following thetransaction the Company's continuing operations and executive management werepredominantly those of Giant Topco Limited. Accordingly, the substance of thecombination was that Giant Topco Limited acquired Blueheath Holdings plc in areverse acquisition. As part of the business combination Blueheath Holdings plcchanged its name to Booker Group plc and changed its accounting reference dateto March. As a consequence of applying reverse acquisition accounting, the balance sheetof the Group at 31 March 2006, the results for the 24 weeks ended 15 September2006 and for the 52 weeks ended 30 March 2007 are those of Giant Topco Limited.The consolidated financial statements for Giant Topco Limited at 31 March 2006and 31 March 2007, as reported under UK GAAP, have been filed with the registrarof companies and the interim results for the 24 weeks ended 15 September 2006,also reported under UK GAAP, were included in the Admission Document dated 9 May2007. The AIM Rules require that the next annual consolidated accounts of the Groupfor the period ending 28 March 2008 be prepared in accordance with InternationalFinancial Reporting Standards ('IFRS') as adopted by the European Union("adopted IFRSs"). The purpose of this document is to explain how the financial performance and thefinancial position of the Group at 31 March 2006, for the 24 weeks ended 15September 2006 and for 52 weeks ended 30 March 2007 presented under IFRS differsto that reported under UK GAAP. These restated financial statements will be the comparators for Booker Groupplc's interim statement for the 24 weeks ended 24 September 2007 and for theannual consolidated financial statements for the 52 weeks ended 28 March 2008. The preliminary IFRS financial information set out on pages 4 to 6 does notconstitute the company's statutory accounts for the year ended 30 March 2007.Those accounts, which were prepared under UK GAAP, have been reported on by thecompany's auditors and delivered to the registrar of companies. The report ofthe auditors was (i) unqualified, (ii) did not include a reference to anymatters to which the auditors drew attention by way of emphasis withoutqualifying their report and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985. For further information contact: Tulchan Communications (PR Adviser to Booker Group plc) 020 7353 4200 Susanna Voyle Celia Gordon Shute Investec Bank UK (Nominated Adviser to Booker Group plc) 020 7597 5970 Keith Anderson Contents Page 3 Summary of the Effects of IFRS Restated IFRS Consolidated Financial Statements 4 Consolidated Income Statement 4 Consolidated Statement of Recognised Income and Expense 5 Consolidated Balance Sheet 6 Consolidated Cash Flow Statement 7 Basis of Preparation 7 Review of changes arising from adoption of IFRS8-11 IFRS Accounting Policies 12 Reconciliation of Profit - For the 52 weeks ended 30 March 2007 12 Reconciliation of Statement of Recognised Income and Expense - For the 52 weeks ended 30 March 2007 13 Reconciliation of Equity - As at 30 March 2007 14 Reconciliation of Profit - For the 24 weeks ended 15 September 2006 14 Reconciliation of Statement of Recognised Income and Expense - For the 24 weeks ended 15 September 2006 15 Reconciliation of Equity - As at 15 September 2006 16 Reconciliation of Equity - As at 31 March 2006 (Opening balance sheet for IFRS) Summary of the Effects of IFRS a) Impact on profit 52 weeks ended 24 weeks ended 30 March 2007 15 September 2006 £m £m (Loss)/profit for the period - UK GAAP (9.5) 1.5 Goodwill 21.6 10.0Lease incentives (3.2) (1.5)Interest rate swap 3.6 1.4 ---------- ----------IFRS transition adjustments 22.0 9.9 ---------- ----------Profit for the period - IFRS 12.5 11.4 ====== ====== b) Impact on net assets 30 March 2007 15 September 2006 31 March 2006 £m £m £m Net assets - UK GAAP 191.4 180.4 182.5 Goodwill 21.6 10.0 -Lease incentives (6.6) (4.9) (3.4)Interest rate swap 0.7 (1.5) (2.9)Financial guarantees (4.0) (4.0) (4.0) ---------- ---------- ----------IFRS transition adjustments 11.7 (0.4) (10.3) ---------- ---------- ----------Net assets - IFRS 203.1 180.0 172.2 ====== ====== ====== c) Impact on cash flows None of the adjustments arising from IFRS relate to cash, and therefore there is no impact on reported cash flows. Restated IFRS Consolidated Financial Statements Consolidated Income Statement 52 weeks ended 24 weeks ended 30 March 2007 15 September 2006 £m £m Revenue 3,009.8 1,430.3Cost of sales (2,926.5) (1,393.7) ---------- ----------Gross profit 83.3 36.6 Administrative expenses- normal (46.0) (16.2)- exceptional items : professional fees re: (1.2) - pension scheme- exceptional items : restructuring costs (0.6) (0.8) --------- ---------Total administrative expenses (47.8) (17.0) --------- --------- Operating profit 35.5 19.6 Finance income 5.8 4.9Finance expenses (13.0) (9.0) ---------- ----------Net financing costs (7.2) (4.1) Profit before tax 28.3 15.5 Income tax (15.8) (4.1) ---------- ----------Profit for the period attributable to equity 12.5 11.4holders of the parent ====== ====== Consolidated Statement of Recognised Income and Expense 52 weeks ended 24 weeks ended 30 March 2007 15 September 2006 £m £m Actuarial gain/(loss) on defined benefit plans 43.5 (5.2)Tax recognised on income and expensesrecognised directly in equity (13.0) 1.6Payments to deferred pension members (12.1) - ---------- ----------Net income/(expenses) recognised directly in 18.4 (3.6)equity Profit for the period 12.5 11.4 ---------- ----------Total recognised income and expense for theperiod attributable to equity holders of theparent 30.9 7.8 ====== ====== Please refer to pages 12 to 16 for the reconciliation of previously published UKGAAP figures to IFRS. Consolidated Balance Sheet 30 March 2007 15 September 2006 31 March 2006 £m £m £mASSETSNon-current assetsProperty, plant and equipment 65.1 68.7 75.7Intangible assets 410.1 410.1 410.1Deferred tax asset 10.8 28.1 30.6 ---------- ---------- ---------- 486.0 506.9 516.4Current assetsInventories 176.2 169.4 168.1Trade and other receivables 55.0 60.5 63.0Cash and cash equivalents 29.9 17.5 32.4Other financial assets 0.7 - - ---------- ---------- ---------- 261.8 247.4 263.5 ---------- ---------- ----------Total assets 747.8 754.3 779.9 ---------- ---------- ----------LIABILITIESCurrent liabilitiesTrade and other payables (338.9) (340.0) (297.2)Bank overdraft (18.9) - (30.2)Other interest bearing loans (0.6) (1.1) (2.4)and borrowingsCurrent tax liabilities (11.3) (2.4) ---------- ---------- ---------- (369.7) (343.5) (329.8)Non-current liabilitiesOther interest bearing loans (86.9) (86.0) (127.0)and borrowingsOther payables (18.4) (19.5) (20.1)Employee benefits (27.3) (80.8) (84.6)Provisions (42.4) (43.0) (43.3)Other financial liabilities - (1.5) (2.9) ---------- ---------- ---------- (175.0) (230.8) (277.9) ---------- ---------- ----------Total liabilities (544.7) (574.3) (607.7) ---------- ---------- ---------- Net assets 203.1 180.1 172.2 ====== ====== ======EQUITYCapital and reservesattributable to equity holdersShare capital 275.9 275.9 275.9Share premium account 16.7 16.7 16.7Retained earnings (89.5) (112.5) (120.4) ---------- ---------- ----------Total equity attributable to 203.1 180.1 172.2equity holders ====== ====== ====== Please refer to pages 12 to 16 for the reconciliation of previously published UKGAAP figures to IFRS. Consolidated Cash Flow Statement 52 weeks ended 24 weeks ended 30 March 2007 15 September 2006 £m £m Cash flows from operating activitiesProfit for the period 12.5 11.4Depreciation 17.4 8.1Finance income (10.7) (4.9)Finance expenses 17.9 9.0Income tax expense 15.8 4.1(Increase)/decrease in inventories (8.1) (1.3)(Increase)/decrease in debtors 8.0 2.5Increase in creditors 25.1 42.0Cash outflow relating to provisions (3.5) (1.7)Movement in pension liability (8.3) (6.2) ---------- ----------Net cash flow from operating activities 66.1 63.0Net interest paid (7.5) (3.9)Income tax paid (0.1) - ---------- ----------Cash generated from operating activities 58.5 59.1 ---------- ----------Cash flows from investing activitiesAcquisition of property, plant and equipment (6.0) (1.1) ---------- ----------Net cash outflow from investing activities (6.0) (1.1) ---------- ----------Cash flows from financing activitiesPayment of finance lease liabilities (0.4) -Repayment of borrowings (73.5) (72.9) ---------- ----------Net cash outflow from financing activities (73.9) (72.9) ---------- ---------- Net decrease in cash and cash equivalents (21.4) (14.9) Cash and cash equivalents at the start of the 32.4 32.4period ---------- ----------Cash and cash equivalents at the end of the 11.0 17.5period ====== ====== Cash and cash equivalents consist of:Cash and cash equivalents 29.9 17.5Bank overdrafts (18.9) - ---------- ---------- 11.0 17.5 ====== ====== Basis of preparation The financial information provided in this document has been prepared inaccordance with all International Financial Reporting Standards (IFRS) asadopted by the European Union ("adopted IFRSs"). The Group's date of transition to IFRS is 1 April 2006. IFRS 1 grants certainexemptions from the full reporting requirements in the transition year. Thefollowing exemptions have been taken in these accounts: 1. Employee benefits (IAS 19): all cumulative actuarial gains and losses have been recognised in equity at transition date. 2. Business combinations (IFRS 3): the Group has chosen not to restate business combinations prior to the transition date on an IFRS basis. 3. Cumulative translation differences (IAS 21): according to IAS 21, cumulative foreign exchange movements on translation of foreign entities on consolidation should be disclosed separately within shareholder's funds. IFRS 1 allows the Group to not record cumulative translation differences arising before the date of transition. The Group has elected to take this exemption and have brought forward a nil balance in respect of these translation differences. Review of changes arising from adoption of IFRS The following are explanations of the adjustments resulting from the transitionfrom UK GAAP to IFRS: a) Goodwill arising on Business Combinations Previously goodwill on acquisitions was capitalised and amortised over itsuseful economic life. Under IFRS 3 "Business Combinations", amortisation is nolonger charged, instead goodwill is tested for impairment annually and againwhere indicators are deemed to exist. b) Lease incentives Under UK GAAP, lease incentives are spread over the period to the next marketrent review. Under SIC 15 "Operating Leases - Incentives", these are spread overthe term of the lease. c) Interest Rate Swap The Group has an interest rate swap to manage its interest rate risk. Under UKGAAP, the derivative was not included on the balance sheet. However under IAS 39"Financial Instruments: Recognition and Measurement", the derivative is requiredto be recognised at fair value and movements in this are charged to the incomestatement. d) Financial Guarantees Under UK GAAP, the Group disclosed certain third party property guarantees as acontingent liability. Under IAS 39 "Financial Instruments: Recognition andMeasurement", these are a financial liability and are required to be measuredand recognised at fair value. These property guarantees are included within"Provisions" on the balance sheet. Accounting Policies Basis of preparation The interim financial statements have been prepared in accordance with IFRS forthe first time. The interim financial statements are prepared on the historicalcost basis except that the derivative financial instruments are stated at theirfair value. Basis of consolidation Subsidiaries are entities controlled by the Group. Control exists when the Grouphas the power, directly or indirectly, to govern the financial and operatingpolicies of an entity so as to obtain benefits from its activities. In assessingcontrol, potential voting rights that are currently exercisable or convertibleare taken into account. The financial statements of subsidiaries are included inthe consolidated financial statements from the date that control commences untilthe date that control ceases. Foreign currency Transactions in foreign currencies are translated at the foreign exchange rateruling at the date of the transaction. Monetary assets and liabilitiesdenominated in foreign currencies at the balance sheet date are translated atthe foreign exchange rate ruling at that date. Foreign exchange differencesarising on translation are recognised in the income statement. Non-monetaryassets and liabilities that are measured in terms of historical cost in aforeign currency are translated using the exchange rate at the date of thetransaction. Non-monetary assets and liabilities denominated in foreigncurrencies that are stated at fair value are translated at foreign exchangerates ruling at the dates the fair value was determined. The assets and liabilities of foreign operations, including goodwill and fairvalue adjustments arising on consolidation, are translated at foreign exchangerates ruling at the balance sheet date. The revenues and expenses of foreignoperations are translated at an average rate for the period where this rateapproximates to the foreign exchange rates ruling at the dates of thetransactions. Exchange differences arising from this translation of foreign operations aretaken directly to the translation reserve. They are released into the incomestatement upon disposal. The Group has taken advantage of the relief available in IFRS 1 to deem thecumulative translation differences for all foreign operations to be zero at thedate of transition to Adopted IFRSs (1 April 2006). Classification of financial instruments issued by the Group Following the adoption of IAS 32, financial instruments issued by the Group aretreated as equity only to the extent that they meet the following twoconditions: (a) they include no contractual obligations upon thegroup to deliver cash or other financial assets or to exchange financial assetsor financial liabilities with another party under conditions that arepotentially unfavourable to the group; and (b) where the instrument will or may be settled in thecompany's own equity instruments, it is either a non-derivative that includes noobligation to deliver a variable number of the company's own equity instrumentsor is a derivative that will be settled by the company's exchanging a fixedamount of cash or other financial assets for a fixed number of its own equityinstruments. To the extent that this definition is not met, the proceeds of issue areclassified as a financial liability. Where the instrument so classified takesthe legal form of the company's own shares, the amounts presented in thesefinancial statements for called up share capital and share premium accountexclude amounts in relation to those shares. Finance payments associated with financial liabilities are dealt with as part offinance expenses. Finance payments associated with financial instruments thatare classified in equity are treated as distributions and are recorded directlyin equity. Derivative financial instruments Derivative financial instruments are recognised at fair value. The gain or losson remeasurement to fair value is recognised immediately in profit or loss. Thefair value of interest rate swaps is the estimated amount that the Group wouldreceive or pay to terminate the swap at the balance sheet date, taking intoaccount current interest rates and the current creditworthiness of the swapcounterparties. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciationand impairment losses. Where parts of an item of property, plant and equipmenthave different useful lives, they are accounted for as separate items ofproperty, plant and equipment. Leases in which the Group assumes substantially all the risks and rewards ofownership of the leased asset are classified as finance leases. Where land andbuildings are held under leases the accounting treatment of the land isconsidered separately from that of the buildings. Leased assets acquired by wayof finance lease are stated at an amount equal to the lower of their fair valueand the present value of the minimum lease payments at inception of the lease,less accumulated depreciation and impairment losses. Lease payments areaccounted for as described below. Depreciation is charged to the income statement on a straight-line basis overthe estimated useful lives of each part of an item of property, plant andequipment. Land is not depreciated. The estimated useful lives are as follows: • Leasehold improvements lesser of the unexpired term of the lease and 50 years • plant and equipment 5-25 years • motor vehicle 4 years Accounting Policies (continued) Intangible assets and goodwill Subject to the transitional relief in IFRS 1, all business combinations areaccounted for by applying the purchase method. Goodwill represents amountsarising on acquisition of subsidiaries. In respect of business acquisitions thathave occurred since 1 April 2006, goodwill represents the difference between thecost of the acquisition and the fair value of the net identifiable assetsacquired. Identifiable intangibles are those which can be sold separately orwhich arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. Goodwill isallocated to cash-generating units and is not amortised but is tested annuallyfor impairment. IFRS 1 grants certain exemptions from the full requirements of Adopted IFRSs inthe transition period. The Group elected not to restate business combinationsthat took place prior to 1 April 2006. In respect of acquisitions prior to 1April 2006, goodwill is included on the basis of its deemed cost, whichrepresents the amount recorded under UK GAAP which was broadly comparable savethat only separable intangibles were recognised and goodwill was amortised. Amortisation is charged to the income statement on a straight-line basis overthe estimated useful lives of intangible assets unless such lives areindefinite. Intangible assets with an indefinite useful life and goodwill aresystematically tested for impairment at each balance sheet date. Otherintangible assets are amortised from the date they are available for use. Inventories Inventories are stated at the lower of cost and net realisable value. Cost isbased on the weighted average principle and includes expenditure incurred inacquiring the inventories and bringing them to their existing location andcondition. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bankoverdrafts that are repayable on demand and form an integral part of the Group'scash management are included as a component of cash and cash equivalents for thepurpose only of the statement of cash flows. Impairment excluding inventories and deferred tax assets The carrying amounts of the Group's assets are reviewed at each balance sheetdate to determine whether there is any indication of impairment. If any suchindication exists, the asset's recoverable amount is estimated. For goodwill and assets that have an indefinite useful life, the recoverableamount is estimated at each balance sheet date. An impairment loss is recognised whenever the carrying amount of an asset or itscash-generating unit exceeds its recoverable amount. Impairment losses arerecognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocatedfirst to reduce the carrying amount of any goodwill allocated to cash-generatingunits and then to reduce the carrying amount of the other assets in the unit ona pro rata basis. A cash generating unit is the smallest identifiable group ofassets that generates cash inflows that are largely independent of the cashinflows from other assets or groups of assets. Goodwill, assets that have an indefinite useful life and intangible assets thatare not yet available for use were tested for impairment as at 1 April 2006, thedate of transition to Adopted IFRSs, even through no indication of impairmentexisted. Calculation of recoverable amount The recoverable amount of the Group's investments in held-to-maturity securitiesand receivables carried at amortised cost is calculated as the present value ofestimated future cash flows, discounted at the original effective interest rate(i.e., the effective interest rate computed at initial recognition of thesefinancial assets). Receivables with a short duration are not discounted. The recoverable amount of other assets is the greater of their net selling priceand value in use. In assessing value in use, the estimated future cash flows arediscounted to their present value using a pre-tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific tothe asset. For an asset that does not generate largely independent cash inflows,the recoverable amount is determined for the cash-generating unit to which theasset belongs. Reversals of impairment An impairment loss in respect of a held-to-maturity security or receivablecarried at amortised cost is reversed if the subsequent increase in recoverableamount can be related objectively to an event occurring after the impairmentloss was recognised. An impairment loss in respect of an investment in an equity instrumentclassified as available for sale is not reversed through profit or loss. If thefair value of a debt instrument classified as available-for-sale increases andthe increase can be objectively related to an event occurring after theimpairment loss was recognised in profit or loss, the impairment loss isreversed through profit or loss. An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is anindication that the impairment loss may no longer exist and there has been achange in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carryingamount does not exceed the carrying amount that would have been determined, netof depreciation or amortisation, if no impairment loss had been recognised. Accounting Policies (continued) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value lessattributable transaction costs. Subsequent to initial recognition,interest-bearing borrowings are stated at amortised cost with any differencebetween cost and redemption value being recognised in the income statement overthe period of the borrowings on an effective interest basis. Employee benefits Defined contribution plans Obligations for contributions to defined contribution pension plans arerecognised as an expense in the income statement as incurred. Defined benefit plans The Group's net obligation in respect of defined benefit pension plans iscalculated by estimating the amount of future benefit that employees have earnedin return for their service in the current and prior periods; that benefit isdiscounted to determine its present value, and the fair value of any plan assets(at bid price) is deducted. The liability discount rate is the yield at thebalance sheet date on AA credit rated bonds that have maturity datesapproximating to the terms of the Group's obligations. The calculation isperformed by a qualified actuary using the projected unit credit method. All actuarial gains and losses as at 1 April 2006, the date of transition toAdopted IFRSs, were recognised. In respect of actuarial gains and losses thatarise subsequent to 1 April 2006 the Group recognises them in the period theyoccur directly into equity through the statement of recognised income andexpense. Where the calculation results in a benefit to the Group, the asset recognised islimited to the present value of any future refunds from the plan or reductionsin future contributions to the plan. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basisand are expensed as the related service is provided. A provision is recognisedfor the amount expected to be paid under short-term cash bonus or profit-sharingplans if the Group has a present legal or constructive obligation to pay thisamount as a result of past service provided by the employee and the obligationcan be estimated reliably. Provisions A provision is recognised in the balance sheet when the Group has a presentlegal or constructive obligation as a result of a past event, and it is probablethat an outflow of economic benefits will be required to settle the obligation.If the effect is material, provisions are determined by discounting theexpected, risk adjusted, future cash flows at a pre-tax risk-free rate. Revenue Turnover is the value of goods and services sold in the ordinary course ofbusiness, excluding sales incentives and value added tax. In the opinion of thedirectors there is only one class of business being wholesale cash and carry,operating solely in the United Kingdom. Provision is made for expected customerreturns. Cost of sales Cost of sales represents all costs incurred up to the point of sale includingthe operating expenses of the trading outlets. Supplier rebates Supplier allowances and credits are recorded as a reduction of cost of sales asthey are earned according to the underlying agreement. Allowances consistprimarily of promotional allowances, quantity discounts and payments undermerchandising agreements. Amounts received under promotional or othermerchandising allowance agreements that require specific performance arerecognised when the performance is satisfied, the amount is fixed anddeterminable and the collection is reasonably assured. Accounting Policies (continued) Expenses Operating lease payments Payments made under operating leases are recognised in the income statement on astraight-line basis over the term of the lease. Lease incentives received arerecognised in the income statement as an integral part of the total leaseexpense. Finance lease payments Minimum lease payments are apportioned between the finance charge and thereduction of the outstanding liability. The finance charge is allocated to eachperiod during the lease term so as to produce a constant periodic rate ofinterest on the remaining balance of the liability. Net financing costs Net financing costs comprise interest payable, finance charges on financeleases, interest receivable on funds invested, and gains and losses on hedginginstruments that hedge risks associated with financing activities that arerecognised in the income statement (see Derivative financial instrumentsaccounting policy). Interest income and interest payable is recognised in profit or loss as itaccrues, using the effective interest method. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Taxis recognised in the income statement except to the extent that it relates toitems recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year,using tax rates enacted or substantively enacted at the balance sheet date, andany adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amountsof assets and liabilities for financial reporting purposes and the amounts usedfor taxation purposes. The following temporary differences are not provided for:the initial recognition of goodwill; the initial recognition of assets orliabilities that affect neither accounting nor taxable profit other than in abusiness combination, and differences relating to investments in subsidiaries tothe extent that they will probably not reverse in the foreseeable future. Theamount of deferred tax provided is based on the expected manner of realisationor settlement of the carrying amount of assets and liabilities, using tax ratesenacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable thatfuture taxable profits will be available against which the asset can beutilised. Reconciliation of Profit For the 52 weeks ended 30 March 2007 Reported under IFRS adjustment IFRS adjustment IFRS adjustment Restated under IFRS UK GAAP a b c £m £m £m £m £m Revenue 3,009.8 - - - 3,009.8Cost of sales (2,923.3) - (3.2) - (2,926.5) ---------- ---------- ---------- ---------- ----------Gross profit 86.5 - (3.2) - 83.3 Administrativeexpenses- normal (46.0) - - - (46.0)- goodwill (21.6) 21.6 - - -amortisation- exceptional (1.2) - - - (1.2)items :professionalfees re:pension scheme- exceptional (0.6) - - - (0.6)items :restructuringcosts --------- -------- --------- --------- ---------Total (69.4) 21.6 - - (47.8)administrativeexpenses --------- --------- --------- --------- --------- Operating 17.1 21.6 (3.2) - 35.5profit Finance income 7.1 - - 3.6 10.7Finance (17.9) - - - (17.9)expenses ---------- ---------- ---------- ---------- ----------Net financing (10.8) - - 3.6 (7.2)costs Profit before 6.3 21.6 (3.2) 3.6 28.3tax Income tax (15.8) - - - (15.8) ---------- ---------- ---------- ---------- ----------(Loss)/profit (9.5) 21.6 (3.2) 3.6 12.5for the periodattributableto equityholders of theparent ====== ====== ====== ====== ====== Reconciliation of Statement of Recognised Income and Expense For the 52 weeks ended 30 March 2007 Reported under IFRS adjustment IFRS adjustment IFRS adjustment Restated under IFRS UK GAAP a b c £m £m £m £m £m Actuarial 43.5 - - - 43.5gain ondefinedbenefitplans(March 2007:theactuarialgain isshown net of£12.1m ofpayments todeferredmembers)Tax (13.0) - - - (13.0)recognisedon incomeand expensesrecogniseddirectly inequityPayments to (12.1) - - - (12.1)deferredpensionmembers ---------- ---------- ---------- ---------- ----------Net income 18.4 - - - 18.4recogniseddirectly inequity (Loss)/ (9.5) 21.6 (3.2) 3.6 12.5profit forthe period ---------- ---------- ---------- ---------- ----------Totalrecognisedincome and 8.9 21.6 (3.2) 3.6 30.9expense forthe periodattributableto equityholders ofthe parent ====== ====== ====== ====== ====== Reconciliation of Equity As at 30 March 2007 Reported under IFRS IFRS IFRS IFRS Restated UK GAAP adjustment adjustment adjustment adjustment under IFRS a b c d £m £m £m £m £m £mASSETSNon-currentassetsProperty, 65.1 - - - - 65.1plant andequipmentIntangible 388.5 21.6 - - - 410.1assetsDeferred tax 10.8 - - - - 10.8asset ---------- ---------- ---------- ---------- ---------- ---------- 464.4 21.6 - - - 486.0CurrentassetsInventories 176.2 - - - - 176.2Trade and 55.0 - - - - 55.0otherreceivablesCash and 29.9 - - - - 29.9cashequivalentsOther - - - 0.7 - 0.7financialassets ---------- ---------- ---------- ---------- ---------- ---------- 261.1 - - 0.7 - 261.8 ---------- ---------- ---------- ---------- ---------- ----------Total assets 725.5 21.6 - 0.7 - 747.8 ---------- ---------- ---------- ---------- ---------- ----------LIABILITIESCurrentliabilitiesTrade and (342.1) - 3.2 - - (338.9)otherpayablesBank (18.9) - - - - (18.9)overdraftOther (0.6) - - - - (0.6)interestbearingloans andborrowingsCurrent tax (11.3) - - - - (11.3)liabilities ---------- ---------- ---------- ---------- ---------- ---------- (372.9) - 3.2 - - (369.7)Non-currentliabilitiesOther (86.9) - - - - (86.9)interestbearingloans andborrowingsOther (8.6) - (9.8) - - (18.4)payablesEmployee (27.3) - - - - (27.3)benefitsProvisions (38.4) - - - (4.0) (42.4) ---------- ---------- ---------- ---------- ---------- ---------- (161.2) - (9.8) - (4.0) (175.0) ---------- ---------- ---------- ---------- ---------- ----------Total (534.1) - (6.6) - (4.0) (544.7)liabilities ---------- ---------- ---------- ---------- ---------- ---------- Net assets 191.4 21.6 (6.6) 0.7 (4.0) 203.1 ====== ====== ====== ====== ====== ======EQUITYCapital andreservesShare 275.9 - - - - 275.9capitalShare 16.7 - - - - 16.7premiumaccountRetained (101.2) 21.6 (6.6) 0.7 (4.0) (89.5)earnings ---------- ---------- ---------- ---------- ---------- ----------Total equity 191.4 21.6 (6.6) 0.7 (4.0) 203.1attributableto equity holders ====== ====== ====== ====== ====== ====== NB - The above UK GAAP numbers have been adjusted into IFRS format (inaccordance with IAS1) Reconciliation of Profit For the 24 weeks ended 15 September 2006 Reported under IFRS adjustment IFRS adjustment IFRS adjustment Restated under IFRS UK GAAP a b c £m £m £m £m £m Revenue 1,430.3 - - - 1,430.3Cost of sales (1,392.2) - (1.5) - (1,393.7) ---------- ---------- ---------- ---------- ----------Gross profit 38.1 - (1.5) - 36.6 Administrativeexpenses- normal (16.2) - - - (16.2)- goodwill (10.0) 10.0 - - -amortisation- exceptional (0.8) - - - (0.8)items :restructuringcosts --------- -------- --------- --------- ---------Total (27.0) 10.0 - - (17.0)administrativeexpenses --------- --------- --------- --------- --------- Operating 11.1 10.0 (1.5) - 19.6profit Finance income 3.5 - - 1.4 4.9Finance (9.0) - - - (9.0)expenses ---------- ---------- ---------- ---------- ----------Net financing (5.5) - - 1.4 (4.1)costs Profit before 5.6 10.0 (1.5) 1.4 15.5tax Income tax (4.1) - - - (4.1) ---------- ---------- ---------- ---------- ----------Profit/(loss) 1.5 10.0 (1.5) 1.4 11.4for the periodattributableto equityholders of theparent ====== ====== ====== ====== ====== Reconciliation of Statement of Recognised Income and Expense For the 24 weeks ended 15 September 2006 Reported under IFRS IFRS IFRS Restated UK GAAP adjustment adjustment adjustment under IFRS a b c £m £m £m £m £m Actuarial (5.2) - - - (5.2)loss on definedbenefit plansTax 1.6 - - - 1.6recognised on incomeand expenses recogniseddirectly in equity ---------- ---------- ---------- ---------- ----------Net expense (3.6) - - - (3.6)recognised directly inequity Profit/ 1.5 10.0 (1.5) 1.4 11.4(loss) for the period ---------- ---------- ---------- ---------- ----------Total recognisedincome and (2.1) 10.0 (1.5) 1.4 7.8expense for the periodattributable to equityholders of the parent ====== ====== ====== ====== ====== Reconciliation of Equity As at 15 September 2006 Reported under IFRS IFRS IFRS IFRS Restated UK GAAP adjustment adjustment adjustment adjustment under IFRS a b c d £m £m £m £m £m £mASSETSNon-currentassetsProperty, 68.7 - - - - 68.7plant andequipmentIntangible 400.1 10.0 - - - 410.1assetsDeferred tax 28.1 - - - - 28.1asset ---------- ---------- ---------- ---------- ---------- ---------- 496.9 10.0 - - - 506.9CurrentassetsInventories 169.4 - - - - 169.4Trade and 60.5 - - - - 60.5otherreceivablesCash and 17.5 - - - - 17.5cashequivalents ---------- ---------- ---------- ---------- ---------- ---------- 247.4 - - - - 247.4 ---------- ---------- ---------- ---------- ---------- ----------Total assets 744.3 10.0 - - - 754.3 ---------- ---------- ---------- ---------- ---------- ----------LIABILITIESCurrent liabilitiesTrade and (343.2) - 3.2 - - (340.0)other payablesOther (1.1) - - - - (1.1)interest bearingloans and borrowingsCurrent tax (2.4) - - - - (2.4)liabilities ---------- ---------- ---------- ---------- ---------- ---------- (346.7) - 3.2 - - (343.5)Non-current liabilitiesOther (86.0) - - - - (86.0)interest bearingloans and borrowingsOther (11.4) - (8.1) - - (19.5)payablesEmployee (80.8) - - - - (80.8)benefitsProvisions (39.0) - - - (4.0) (43.0)Other - - - (1.5) - (1.5)financial liabilities ---------- ---------- ---------- ---------- ---------- ---------- (217.2) - (8.1) (1.5) (4.0) (230.8) ---------- ---------- ---------- ---------- ---------- ----------Total (563.9) - (4.9) (1.5) (4.0) (574.3)liabilities ---------- ---------- ---------- ---------- ---------- ---------- Net assets 180.4 10.0 (4.9) (1.5) (4.0) 180.0 ====== ====== ====== ====== ====== ======EQUITYCapital and reservesShare 275.9 - - - - 275.9capitalShare 16.7 - - - - 16.7premiumaccountRetained (112.2) 10.0 (4.9) (1.5) (4.0) (112.6)earnings ---------- ---------- ---------- ---------- ---------- ---------Total equity 180.4 10.0 (4.9) (1.5) (4.0) 180.0attributable to equityholders ====== ====== ====== ====== ====== ====== NB - The above UK GAAP numbers have been adjusted into IFRS format (inaccordance with IAS1) Reconciliation of Equity As at 31 March 2006 (Opening balance sheet for IFRS) Reported under IFRS IFRS IFRS Restated UK GAAP adjustment adjustment adjustment under IFRS b c d £m £m £m £m £mASSETSNon-current assetsProperty, 75.7 - - - 75.7plant and equipmentIntangible 410.1 - - - 410.1assetsDeferred tax 30.6 - - - 30.6asset ---------- ---------- ---------- ---------- ---------- 516.4 - - - 516.4Current assetsInventories 168.1 - - - 168.1Trade and 63.0 - - - 63.0other receivablesCash and 32.4 - - - 32.4cash equivalents ---------- ---------- ---------- ---------- ---------- 263.5 - - - 263.5 ---------- ---------- ---------- ---------- ----------Total assets 779.9 - - - 779.9 ---------- ---------- ---------- ---------- ----------LIABILITIESCurrent liabilitiesTrade and (300.4) 3.2 - - (297.2)otherpayablesOther (30.2) - - - (30.2)interest bearingloans and borrowingsCurrent tax (2.4) - - - (2.4)liabilities ---------- ---------- ---------- ---------- ---------- (333.0) 3.2 - - (329.8)Non-current liabilitiesOther (127.0) - - - (127.0)interest bearingloans andborrowingsOther (13.5) (6.6) - - (20.1)payablesEmployee (84.6) - - - (84.6)benefitsProvisions (39.3) - - (4.0) (43.3)Other - - (2.9) - (2.9)financialliabilities ---------- ---------- ---------- ---------- ---------- (264.4) (6.6) (2.9) (4.0) (277.9) ---------- ---------- ---------- ---------- ----------Total (597.4) (3.4) (2.9) (4.0) (607.7)liabilities ---------- ---------- ---------- ---------- ---------- Net assets 182.5 (3.4) (2.9) (4.0) 172.2 ====== ====== ====== ====== ======EQUITYCapital and reservesShare 275.9 - - - 275.9capitalShare 16.7 - - - 16.7premium accountRetained (110.1) (3.4) (2.9) (4.0) (120.4)earnings ---------- ---------- ---------- ---------- ----------Total equity 182.5 (3.4) (2.9) (4.0) 172.2attributableto equity holders ====== ====== ====== ====== ====== NB - The above UK GAAP numbers have been adjusted into IFRS format (inaccordance with IAS1) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Booker Group