27th Apr 2006 07:00
Punch Taverns PLC27 April 2006 PUNCH TAVERNS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ('IFRS') Punch Taverns plc ('the Group') today releases its consolidated financialresults for the 52 weeks ended 20 August 2005 as prepared under InternationalFinancial Reporting Standards ('IFRS'). Results were previously issued under UKGAAP on 10 November 2005. Full details of the restatement and accompanying financial information areavailable on the company website (www.punchtaverns.com/investors). Highlights • Profit before tax and exceptional items of £207m, £6m higher than under UK GAAP • Effective tax rate before exceptional items of 19%, 3% lower than under UK GAAP • Adjusted EPS before exceptional items of 66.4p, 4.1p higher than under UK GAAP • Net assets at 20 August 2005 of £1,123m, £70m higher than under UK GAAP The above changes from the adoption of IFRS mainly result from: Goodwill - goodwill is not amortised but reviewed annually for impairment Tax charge - the benefit of indexation allowance on additional deferred taxliabilities Net assets - a full revaluation of the estate on transition to IFRS and therecognition of additional deferred tax liabilities on properties which wererevalued subsequent to their acquisition by the Group Earnings reported under UK GAAP for the year to 20 August 2005 can be reconciledto those which would have been presented under IFRS as follows: EBITDA Profit before tax Profit after tax £m £m £mReported under UK GAAP 412.1 200.5 156.7Business combinations - 6.5 6.5Employee benefits 0.3 0.1 0.1Tax - - 4.2Leases 1.1 (0.3) (0.3)Reported under IFRS 413.5 206.8 167.2 The above results are presented pre exceptional items Net assets reported under UK GAAP at 20 August 2005 can be reconciled to thosewhich would have been presented under IFRS as follows: Net Assets £mReported under UK GAAP 1,053.0Fixed Assets 93.9Deferred Tax (83.5)Goodwill 47.4Dividends 19.3Leases (8.0)Employee benefits 0.6Reported under IFRS 1,122.7 Full details of the restatement and accompanying financial information areavailable on the company website (www.punchtaverns.com/investors) and include: • Details of the IFRS first-time adoption choices which have been made • Description of IFRS adjustments • IFRS accounting policies • Income Statement, Balance Sheet and Cash Flow Statement in IFRS format for 2004/05 • Supporting reconciliations identifying the adjustments between UK GAAP and IFRS As previously reported, IFRS has no impact on the cash flows of the business oron the Group's ability to meet debt covenants. The Group will be announcing its interim results for the 28 weeks to 4 March2006 on 22 May 2006. 27 April 2006 Enquiries: Punch Taverns plc Tel: 020 7868 8903Robert McDonald, Finance Director College Hill Tel: 020 7457 2020Justine WarrenMatthew Smallwood This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC