6th Dec 2005 07:01
McBride PLC06 December 2005 6 December 2005 McBRIDE plc ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS McBride plc, which supplies Private Label Household and Personal Care productsto Europe's leading retailers, is today releasing its financial results for theyear ended 30 June 2005 in accordance with International Financial ReportingStandards (IFRSs) as adopted for use in the EU (adopted IFRSs). The financialinformation presented is unaudited. The Group has historically prepared its consolidated financial statements underUK Generally Accepted Accounting Principles (UK GAAP). For the year ending 30June 2006 and subsequent periods it is required to prepare its financialstatements in accordance with adopted IFRS. This requires an IFRS restatedopening consolidated balance sheet as at 1 July 2004 together with a fullconsolidated income statement, balance sheet, cash flow statement and statementof recognised income and expense (SORIE) for the year ended 30 June 2005 forcomparative purposes. The first results to be published under adopted IFRS willbe the interim results for the six months to 31 December 2005. The adoption of IFRS represents an accounting change only and does not affectthe underlying operations or cash flows of the Group. The main 30 June 2005changes compared to the financial results prepared under UK GAAP and reported onin September are as follows: • Reported profit before tax of £30.6m, compared to £29.8m on UK GAAP equivalent, mainly due to elimination of goodwill amortisation • Basic earnings per share of 12.0p, compared to 11.6p per UK GAAP • Capital employed at 30 June 2005 of £98.1m, compared to £97.3m per UK GAAP This document explains the accounting policy changes and key financial impactsof the change from UK GAAP to IFRS. It includes detailed UK GAAP to IFRSreconciliations of the Group's consolidated 1 July 2004 balance sheet, interim31 December 2004 income statement and balance sheet, and 30 June 2005 incomestatement and balance sheet. It also includes the 30 June 2005 IFRSconsolidated SORIE and statement of changes in equity. For further information please contact: McBride plc Miles Roberts, Chief Executive 01494 60 70 50 Financial Dynamics 020 7831 3113 Andrew Dowler BASIS OF PREPARATION EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidatedfinancial statements of the Group, for the year ending 30 June 2006, be preparedin accordance with International Financial Reporting Standards (IFRSs) asadopted for use in the EU ("adopted IFRSs"). This financial information has been prepared on the basis of the recognition andmeasurement requirements of IFRSs in issue that either are endorsed by the EUand effective (or available for early adoption) at 30 June 2006 or are expectedto be endorsed and effective (or available for early adoption) at 30 June 2006,the Group's first annual reporting date at which it is required to use adoptedIFRSs. Based on these adopted and unadopted IFRSs, the directors have madeassumptions about the accounting policies expected to be applied, which are asset out below, when the first annual IFRS financial statements are prepared forthe year ending 30 June 2006. In addition, the adopted IFRSs that will be effective (or available for earlyadoption) in the annual financial statements for the year ending 30 June 2006are still subject to change and to additional interpretations and thereforecannot be determined with certainty. Accordingly, the accounting policies forthat annual period will be determined finally only when the annual financialstatements are prepared for the year ending 30 June 2006. The figures for the financial year ended 30 June 2005, half year ended 31December 2004 and opening balance sheet at 1 July 2004 are not the company'sstatutory accounts for that financial year. Those accounts, which were preparedunder UK Generally Accepted Accounting Practices, have been reported on by thecompany's auditors and delivered to the registrar of companies. The report ofthe auditors was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. Presentation of financial information The layout of the primary financial statements has been amended in accordancewith IAS 1, Presentation of Financial Statements from that presented under UKGAAP. The IFRS cash flow statement will explain the change in cash and cashequivalents rather than just cash as under UK GAAP. Cash and cash equivalentsunder IFRS comprise cash and certain short term highly liquid investments. IFRS 1 - First time adoption of International Financial Reporting Standards IFRS 1 sets out the procedures that the Group must follow when it adopts IFRSfor the first time. The Group is required to establish its IFRS accountingpolicies for the year ending 30 June 2006 and to also retrospectively apply themto the comparative period to determine the IFRS opening balance sheet at itsdate of transition, 1 July 2004. This standard allows companies adopting IFRSfor the first time to take certain exemptions from the full requirements of IFRSin the year of transition, the year ended 30 June 2005. The Group has adopted the following approach to the key exemptions: • IFRS 3 Business combinations - it has elected to apply IFRS 3prospectively from the transition date rather than restate previous businesscombinations. As a result the carrying amount of goodwill in the UK balancesheet at 30 June 2004 is brought forward to the opening balance sheet withoutadjustment; • IAS 19 Employee benefits - actuarial gains and losses - it has chosento recognise all cumulative gains and losses at the transition date, consistentwith the treatment required by the UK standard FRS 17; • IAS 21 The effects of changes in foreign exchange rates - the Grouphas elected to reset the foreign currency translation reserve to zero at thedate of transition; • IAS 32 / 39 Financial instruments - it has taken the option to deferthe implementation of these standards to the year ending 30 June 2006.Therefore financial instruments continue to be accounted for and presented inaccordance with UK GAAP for the year ended 30 June 2005; and • IFRS 2 Share-based payment - it has adopted the exemption to applyIFRS 2 only to share based payment awards granted after 7 November 2002. KEY FINANCIAL IMPACTS • Employee benefits (IAS 19)Under UK GAAP the Group applies the provisions of SSAP 24 and also providesdetailed disclosure under FRS 17 in accounting for defined benefit pensionschemes. Under IFRS, the Group's opening balance sheet at 1 July 2004 reflectsthe assets and liabilities of its defined benefit schemes, with a total grossdeficit of £10.2m before deferred tax. As from the date of transition the Grouphas chosen to apply the amendment to IAS 19 which allows actuarial gains andlosses to be recognised immediately in the SORIE i.e. the actuarial gains andlosses will be taken directly to reserves. The year ended 30 June 2005 income statement adjustment is a £0.1m charge.There is a £11.2m employee benefit liability less a £3.4m deferred tax asset at30 June 2005. • Employee benefits (IAS 19) - holiday pay accrualThis standard requires employee benefits such as holiday pay to be accrued. Theadditional accrual required is £0.3m. • Goodwill arising on business combinations (IFRS 3)Under IFRS 3, goodwill is no longer amortised but instead is subject to annualimpairment testing. Consequently, the opening IFRS goodwill balance as at 30June 2004 and goodwill acquired on acquisition during the year ended 30 June2005 have been tested for impairment. No impairment was necessary. The £0.9mUK GAAP goodwill amortisation for the year ended 30 June 2005 is written backfor IFRS. • Recognition of dividends (IAS 10 Events after the balance sheet date)Under UK GAAP dividends are recognised in the period to which they relate. IFRShowever requires that dividends declared after the balance sheet date should notbe recognised as a liability until approved by shareholders. As a result theproposed final dividend of £5.9m declared in October 2005 has not been accruedin the 30 June 2005 balance sheet. • Share-based payments (IFRS 2)The standard requires that a charge be recognised in the income statement forthe benefit an employee receives as a consequence of an employee share schemeand the charge should be spread over the scheme performance period. Thisstandard applies to options granted after 7 November 2002. The amounts involvedare less than £0.1m for the year ended 30 June 2005. IAS 12 - Income taxes requires that a deferred tax asset be recognised for shareoption schemes not fully vested on the basis of the excess of the market priceover the option exercise price at the balance sheet date. The deferred taxadjustment at 30 June 2005 of £2.0m is recognised in equity. • Leases (IAS 17)The standard states that the land element of a land and building lease, whichhas been paid in advance, should be reclassified as a long term prepayment wheretitle is not expected to pass. A long leasehold of £0.5m has been reclassifiedfrom property, plant and equipment into other non-current assets. IFRS ACCOUNTING POLICIES The accounting policies which McBride expects to adopt for its interim and fullyear financial statements are set out below. Basis of consolidation The Group financial statements consist of the financial statements of McBrideplc (the Company) and all its subsidiary undertakings. (i) Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when theCompany has the power, directly or indirectly, to govern the financial andoperating policies of an entity so as to obtain benefits from its activities.Subsidiaries are consolidated from the date on which control is transferred tothe Group and cease to be consolidated from the date on which control istransferred out of the Group. (ii) Joint venture The Group's interest in its joint venture is accounted for using the equitymethod of accounting. (iii) Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealised gains and lossesarising from intragroup transactions, are eliminated in preparing theconsolidated financial statements. Use of assumptions and estimates The preparation of these financial statements requires management to makejudgements, estimates and assumptions that affect the application of policiesand reported amounts of assets and liabilities, income and expenses. Actualresults may differ from these estimates. The estimates and underlyingassumptions are reviewed on an ongoing basis and revisions are recognised in theperiod or periods that are affected. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the dateof the transaction. Assets and liabilities denominated in foreign currencies atthe balance sheet date are translated at the rate of exchange ruling at thatdate. Foreign exchange differences arising on translation are recognised in theincome statement. The assets and liabilities of overseas subsidiaries are translated at theclosing rates of exchange ruling at the balance sheet date. Goodwill and fairvalue adjustments arising on the acquisition of a foreign entity are treated asassets and liabilities of the acquiring company and recorded initially at thetransaction date exchange rate and thereafter at the closing rate of exchangeruling at the balance sheet date. The income and expenses of overseassubsidiaries are translated at the average rates of exchange for the year. Theexchange differences arising on retranslation are taken directly to a separatecomponent of equity. Exchange differences arising from the retranslation of anet investment in a foreign undertaking less exchange differences on foreigncurrency borrowings which effectively hedge that undertaking are taken toequity. On disposal of a foreign entity, accumulated exchange differences arerecognised in the income statement as a component of the gain or loss ondisposal. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciationand any impairment in value. Land is not depreciated. Depreciation iscalculated on a straight-line basis and charged to the income statement over theestimated useful life of the asset as follows: Freehold buildings - over 50 yearsLeasehold land and buildings - life of the leasePlant and machinery - 8 to 10 yearsComputer equipment - 3-5 yearsMotor vehicles - 4 yearsMoulding equipment - 3-5 years The carrying values of property, plant and equipment are reviewed for impairmentwhen events or changes in circumstances indicate the carrying value may not berecoverable. If any such indication exists and where the carrying values exceedthe estimated recoverable amount, the assets or cash-generating units arewritten down to their recoverable amount. Goodwill Goodwill on transition at 1 July 2004 represents the cost less amortisationcharged prior to the adoption of IFRS. Goodwill represents the excess of thecost of the acquisition over the fair value of identifiable net assets of asubsidiary or joint venture at the date of acquisition. The Group assesses the carrying value of goodwill for impairment annually or,more frequently, if events or changes in circumstances indicate that suchcarrying value may not be recoverable. Goodwill that arose on businessesacquired prior to the introduction of UK GAAP accounting standard FRS 10, in theyear commencing 1 July 1998 will remain written off to reserves. Research and development Expenditure on research activities, undertaken with the prospect of gaining newscientific or technical knowledge and understanding, is recognised in the income statement asan expense as incurred. Expenditure on development activities, whereby research findingsare applied to a plan or design for the production of new or substantiallyimproved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group hassufficient resources to complete development. Impairment At each balance sheet date the Group reviews the carrying amounts of its assetsto determine whether there are any indications of impairment. If any suchindication exists, the asset's recoverable amount is estimated and if this isfound to be less than the carrying amount, then the carrying amount is reducedto its recoverable amount. An impairment charge is recognised in the incomestatement in the year in which it occurs. The recoverable amount is the greaterof fair value less costs to sell and value in use. In assessing value in use,the estimated future cash flows are discounted to their present value using anappropriate pre-tax discount rate reflecting the risks inherent in the asset. Leased assets Finance leases, which transfer to the Group substantially all the risks andbenefits incidental to ownership of the leased item, are capitalised at theinception of the lease at the fair value of the leased asset or, if lower, atthe present value of the minimum lease payments. Lease payments are apportionedbetween the finance charges and reduction of the lease liability so as toachieve a constant rate of interest on the remaining balance of the liability.Finance charges are charged directly against income. Capitalised leased assetsare depreciated over the shorter of the estimated useful life of the asset orthe lease term. Leases where the lessor retains substantially all the risks andbenefits of ownership of the assets are classified as operating leases. Operating lease payments are recognised as an expense in the income statement ona straight line basis over the lease term. Trade receivables Trade receivables, which generally have 30-90 day terms, are recognised andcarried at original invoice amount less an allowance for any uncollectibleamounts. Inventories Inventories are valued at the lower of cost and net realisable value. Netrealisable value is the estimated selling price in the ordinary course ofbusiness, less estimated costs of completion and the estimated costs necessaryto make the sale. Costs incurred in bringing each product to its presentlocation and condition are accounted for as follows: Raw materials - purchase cost on a first-in, first-out basis; Finished goods and work in progress - cost of direct materials and labour and aproportion of manufacturing overheads based on normal operating capacity butexcluding borrowing costs. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-termdeposits with an original maturity of three months or less. For the purposes ofthe consolidated cash flow statement, cash and cash equivalents consist of cashand cash equivalents as defined above, net of outstanding bank overdrafts, ifthese are payable on demand and part of the Group's cash management policy. Net financing costs Net financing costs comprise interest payable on borrowings, interest receivableon funds invested, dividend income, foreign exchange gains and losses, and gainsand losses on financial instruments where hedge accounting is not applied or isineffective. Interest income is recognised in the income statement as itaccrues. Dividend income is recognised in the income statement on the date thatthe Group becomes legally entitled to the dividend. Interest-bearing loans and borrowings All loans and borrowings are initially recognised at the fair value of theconsideration received net of issue costs associated with the borrowing. Afterinitial recognition, interest-bearing loans and borrowings, are subsequentlymeasured at amortised cost using the effective interest rate method. Amortisedcost is calculated by taking into account any issue costs, and any discount orpremium on settlement. Gains and losses are recognised in the income statementwhen the liabilities are derecognised, as well as through the amortisationprocess. Employee benefits The Group accounts for pensions and other post retirement benefits in accordancewith the amendment to IAS 19 Employee Benefits. In respect of defined benefitpension schemes, the pension surplus / deficit recognised in the balance sheetrepresents the difference between the fair value of plan assets and the presentvalue of the defined benefit obligation at the balance sheet date. The netdefined benefit obligation is determined by qualified actuaries using theprojected unit credit actuarial valuation method. The income statement chargeis split between an operating service cost and financing income and charge.Payments to defined contribution schemes are recognised as an expense as theyfall due. Actuarial gains and losses are recognised immediately in the SORIE. Provisions Provisions are recognised when the Group has a present obligation (legal orconstructive) as a result of a past event, it is probable that an outflow ofresources embodying economic benefits will be required to settle the obligationand a reliable estimate can be made of the amount of the obligation. If theeffect of the time value of money is material, provisions are determined bydiscounting the expected future cash flows at a pre-tax rate that reflectscurrent market assessments of the time value of money and, where appropriate,the risks specific to the liability. Where discounting is used, the increase inthe provision due to the passage of time is recognised as an interest expense. Revenue Revenue in the income statement represents the amounts, net of trade discountsand rebates and excluding value added tax, derived from the provision of goodsand services to third party customers during the year. Revenue is recognisedwhen the significant risks and rewards of ownership of the goods and serviceshave passed to the buyer, the amount of revenue can be measured reliably andreceipt of payment is probable. Income tax Income tax on the profit or loss for the year comprises current and deferredtax. Income tax is recognised in the income statement except to the extent thatit relates to items recognised directly in equity, in which case it isrecognised in equity. Deferred tax is provided, using the balance sheetliability method, on all temporary differences between the carrying amounts ofassets and liabilities for financial reporting purposes and the amounts used fortaxation purposes. The following temporary differences are not provided for:goodwill not deductible for tax purposes and the initial recognition of assetsor liabilities that affect neither accounting nor taxable profit. The carrying amount of deferred income tax assets is reviewed at each balancesheet date and reduced to the extent that it is no longer probable thatsufficient taxable profit will be available to allow all or part of the deferredincome tax asset to be utilised. Deferred income tax assets and liabilities aremeasured at the tax rates that are expected to apply to the period when theasset is realised or the liability is settled. Derivative financial instruments The Group uses derivative financial instruments such as foreign currencycontracts and interest rate swaps to hedge its risks associated with interestrate and foreign currency fluctuations. Such derivative financial instrumentsare stated at fair value. The fair value of forward exchange contracts is calculated by reference tocurrent forward exchange rates for contracts with similar maturity profiles. Thefair value of interest rate swap contracts is determined by reference to marketvalues for similar instruments and is the amount that McBride would receive orpay to terminate the swap at the balance sheet date. Changes in fair value areimmediately recognised in the income statement except where cash flow hedgeaccounting is achieved (see below). Hedge accounting For the purposes of hedge accounting, hedges are classified as cash flow hedgeswhere they hedge exposure to variability in cash flows that is eitherattributable to a particular risk associated with a recognised asset orliability or a highly probable forecasted transaction. In relation to cash flow hedges (forward foreign currency contracts) to hedgefirm commitments which meet the conditions for hedge accounting, the portion ofthe gain or loss on the hedging instrument that is determined to be an effectivehedge is recognised directly in equity and the ineffective portion is recognisedin the income statement. When the hedged firm commitment results in the recognition of a non-monetaryasset or a liability, then, at the time the asset or liability is recognised,the associated gains or losses that had previously been recognised in equity areincluded in the initial measurement of the acquisition cost or other carryingamount of the asset or liability. For all other cash flow hedges, the gains orlosses that are recognised in equity are transferred to the income statement inthe same period in which the hedged firm commitment affects the incomestatement, for example when the future sale actually occurs. For derivatives that do not qualify for hedge accounting, any gains or lossesarising from changes in fair value are taken directly to the income statementfor the period. Hedge accounting is discontinued when the hedging instrument expires or is sold,terminated or exercised, or no longer qualifies for hedge accounting. At thatpoint in time, any cumulative gain or loss on the hedging instrument recognisedin equity is kept in equity until the forecasted transaction occurs. If ahedged transaction is no longer expected to occur, the net cumulative gain orloss recognised in equity is transferred to the income statement for the period. IFRS CONSOLIDATED BALANCE SHEET RESTATEMENT as at 30 June 2005 UK GAAP Provision Employee Deferred Holiday IFRS tax £m reclass. Land Goodwill benefits share Dividend accrual £m lease options Non-current assets Property, plant and 130.1 (0.5) 129.6equipment Intangible assets 7.8 0.9 8.7Other non-current assets --- 0.5 0.5 137.9 --- --- 0.9 --- --- --- --- 138.8Current assetsInventories 41.3 41.3Trade and other 106.3 106.3receivablesCash and cash equivalents 0.3 0.3 147.9 --- --- --- --- --- --- --- 147.9Total assets 285.8 --- --- 0.9 --- --- --- --- 286.7 EquityIssued share capital 17.7 17.7Share premium account 141.8 141.8 Capital redemption reserve 0.6 0.6Currency translation (0.2) (0.2)reserveRetained earnings (62.8) 0.9 (7.8) 2.0 5.9 (0.2) (62.0)Total equity attributable 97.1 --- --- 0.9 (7.8) 2.0 5.9 (0.2) 97.9to equity holders of theparentEquity minority interest 0.2 0.2Total equity 97.3 --- --- 0.9 (7.8) 2.0 5.9 (0.2) 98.1Non-current liabilitiesInterest bearing loans and 20.7 20.7borrowings Employee benefits --- 11.2 11.2Provisions 6.3 (4.1) 2.2Deferred tax 6.1 (3.4) (2.0) (0.1) 0.6 33.1 (4.1) --- --- 7.8 (2.0) --- (0.1) 34.7Current liabilitiesInterest bearing loans and 4.0 4.0borrowingsTrade and other payables 149.4 (5.9) 0.3 143.8Current tax payable 2.0 2.0Provisions --- 4.1 4.1 155.4 4.1 --- --- --- --- (5.9) 0.3 153.9Total equity and 285.8 --- --- 0.9 --- --- --- --- 286.7liabilities IFRS CONSOLIDATED INCOME STATEMENT RESTATEMENT for the year ended 30 June 2005 UK GAAP Joint venture Employee IFRS £m Goodwill reallocation benefits £m Revenue 537.1 537.1 Cost of sales (348.4) (348.4) Gross profit 188.7 --- --- --- 188.7 Distribution costs (34.0) (34.0) Administrative costs (123.6) 0.9 (122.7) Share of joint venture's operating 0.1 (0.1) ---profit Total operating profit 31.2 0.9 (0.1) --- 32.0 Financial income 1.4 0.1 1.5Financial expenses (2.8) (0.1) (2.9)Net financing costs (1.4) 0.1 (0.1) (1.4) Profit before tax 29.8 0.9 --- (0.1) 30.6 Income tax expense (9.2) (9.2) Profit for the year 20.6 0.9 --- (0.1) 21.4 Attributable to: Equity holders of the parent 20.5 0.9 (0.1) 21.3Minority interest 0.1 0.1 20.6 0.9 (0.1) 21.4 CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE for the year ended 30June 2005 £mProfit for the year 21.4 Foreign exchange translation differences (0.2) Actuarial loss net of deferred tax (1.1) Total recognised income and expense for the year 20.1 Attributable to: Equity holders of the parent 20.0Minority interest 0.1 20.1 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2005 £mAt 1 July 2004 (as previously reported under UK GAAP) 91.7 Adjustments on adoption of IFRS as at 1 July 2004 1.0 At 1 July 2004 under IFRS 92.7 Profit for the year attributable to equity holders of the parent 21.3 Other recognised income and expenses (1.3) Tax on share options taken directly to equity (0.8) Own shares acquired and held (2.4) Own shares acquired and cancelled (6.9) Shares issued 2.9 Equity dividends (7.6) At 30 June 2005 97.9 IFRS CONSOLIDATED BALANCE SHEET RESTATEMENT as at 1 July 2004 (opening balancesheet for IFRS) UK GAAP Provision Employee Deferred Holiday Tax IFRS tax £m reclass. Land benefits share Dividend accrual reclass £m lease options Non-current assetsProperty, plant and equipment 124.6 (0.5) 124.1Intangible assets 7.6 7.6Other non-current assets --- 0.5 0.5Deferred tax --- 0.9 0.9 132.2 --- --- --- --- --- 0.9 133.1Current assetsInventories 38.8 38.8Trade and other receivables 114.9 114.9Cash and cash equivalents 0.2 0.2 153.9 --- --- --- --- --- --- 153.9Total assets 286.1 --- --- --- --- --- 0.9 287.0 EquityIssued share capital 17.8 17.8Share premium account 139.4 139.4 Retained earnings (65.5) (6.6) 2.8 5.0 (0.2) (64.5)Total equity 91.7 --- --- (6.6) 2.8 5.0 (0.2) 92.7Non-current liabilitiesInterest bearing loans and 28.1 28.1borrowings Employee benefits --- 10.2 10.2Provisions 9.3 (7.6) 1.7Deferred tax 4.8 (2.8) (2.8) (0.1) 0.9 ---Net investment in joint 1.2 1.2venture 43.4 (7.6) --- 7.4 (2.8) --- (0.1) 0.9 41.2Current liabilitiesInterest bearing loans and 3.5 3.5borrowingsTrade and other payables 146.3 (0.8) (5.0) 0.3 140.8Current tax payable 1.2 1.2Provisions --- 7.6 7.6 151.0 7.6 --- (0.8) (5.0) 0.3 --- 153.1Total equity and liabilities 286.1 --- --- --- --- --- --- 0.9 287.0 IFRS CONSOLIDATED BALANCE SHEET RESTATEMENT as at 31 December 2004 UK GAAP Provision Employee Deferred Holiday Tax IFRS tax £m reclass. Land Good- benefits share Dividend accrual reclass. £m lease options willNon-current assetsProperty, plant and 135.1 (0.5) 134.6equipmentIntangible assets 8.1 0.6 8.7Other non-current assets --- 0.5 0.5Deferred tax 0.9 0.9 143.2 --- --- 0.6 --- --- --- --- 0.9 144.7Current assetsInventories 43.7 43.7Trade and other 109.0 109.0receivablesCash and cash equivalents 0.6 0.6 153.3 --- --- --- --- --- --- --- --- 153.3Total assets 296.5 --- --- 0.6 --- --- --- --- 0.9 298.0 EquityIssued share capital 17.7 17.7Share premium account 139.4 139.4 Capital redemption 0.1 0.1reserveCurrency translation 0.8 0.8reserveRetained earnings (58.1) 0.6 (10.0) 2.7 2.6 (0.1) (62.3)Total equity attributable 99.9 --- --- 0.6 (10.0) 2.7 2.6 (0.1) 95.7to equity holders of theparentEquity minority interest 0.2 0.2Total equity 100.1 --- --- 0.6 (10.0) 2.7 2.6 (0.1) 95.9Non-current liabilitiesInterest bearing loans 23.3 23.3and borrowings Employee benefits --- 14.5 14.5Provisions 4.8 (2.7) 2.1Deferred tax liabilities 6.2 (4.3) (2.7) (0.1) 0.9 --- 34.3 (2.7) --- --- 10.2 (2.7) --- (0.1) 0.9 39.9Current liabilitiesInterest bearing loans 6.8 6.8and borrowingsTrade and other payables 152.7 (0.2) (2.6) 0.2 150.1Current tax payable 2.6 2.6Provisions --- 2.7 2.7 162.1 2.7 --- --- (0.2) --- (2.6) 0.2 --- 162.2Total equity and 296.5 --- --- 0.6 --- --- --- --- 0.9 298.0liabilities IFRS CONSOLIDATED INCOME STATEMENT RESTATEMENT for the six months ended 31 December 2004 UK GAAP Joint venture Holiday IFRS £m Goodwill reallocation accrual £m Revenue 268.0 268.0 Cost of sales (171.6) (171.6) Gross profit 96.4 --- --- --- 96.4 Distribution costs (17.4) (17.4) Administrative costs (60.9) 0.6 0.1 (60.2) Share of joint venture's operating 0.1 (0.1) ---profit Total operating profit 18.2 0.6 (0.1) 0.1 18.8 Financial income 0.3 0.1 0.4Financial expenses (1.0) (1.0)Net financing costs (0.7) 0.1 (0.6) Profit before tax 17.5 0.6 --- 0.1 18.2 Income tax expense (5.5) (5.5) Profit for the period 12.0 0.6 --- 0.1 12.7 Attributable to: Equity holders of the parent 11.9 0.6 0.1 12.6Minority interest 0.1 0.1 12.0 0.6 0.1 12.7 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Mcbride