13th Jun 2005 07:01
T&F Informa PLC13 June 2005 13 June 2005 T&F INFORMA PLC UPDATE ON ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS T&F Informa plc is preparing for the adoption of International FinancialReporting Standards ("IFRS") as its primary accounting basis for the year ending31 December 2005. As part of this transition, the Group is today presentingunaudited financial information prepared in accordance with IFRS for the yearended 31 December 2004(1). This press release explains how the Group's previously reported UK GAAPfinancial performance and position are reported under IFRS. It providesreconciliations from UK GAAP to IFRS for the following: • the Group's unaudited consolidated IFRS income statement for the year ended 31 December 2004(2); and • the Group's unaudited consolidated IFRS balance sheet at 31 December 2004(2). The principal changes to T&F Informa plc's reported financial information underUK GAAP arising from the adoption of IFRS are as a result of the: • adoption of the acquisition accounting method, rather than merger accounting, for the combination of Taylor & Francis Group plc and Informa Group plc on 10 May 2004. Under IFRS 3, this results in the recognition of significant additional intangible assets, goodwill and deferred taxation as well as the exclusion of the results of Taylor & Francis Group plc for the pre-acquisition period from 1 January 2004 to 10 May 2004. Certain costs, treated as merger costs under UK GAAP, have been reclassified as costs of acquisition and added to goodwill in the balance sheet. Informa Group plc (subsequently renamed T&F Informa plc) is deemed to be the acquiring company; • recognition of pension obligations; • requirement not to amortise goodwill but instead only to amortise the separately recognised intangible assets; • recognition of deferred tax liabilities and assets on all temporary differences as opposed to just timing differences; • inclusion of a "fair value" charge in relation to employee share options; and • write off of deferred promotional expenditure. (1) This information relates to T&F Informa plc and excludes the recently announced acquisition of IIR Holdings Limited. (2) Attention is drawn to the fact that under IFRS, only a complete set of financial statements comprising a balance sheet, income statement, statement of changes in equity, cash flow statement, together with comparative information and explanatory notes, can provide a fair presentation of the company's financial position, results of operations and cash flows. The consolidated IFRS income statement for the year ended 31 December 2004 andthe consolidated IFRS balance sheet as at 31 December 2004 are prepared on thebasis set out in "Basis of preparation" on pages 1 and 2 of the followingstatements. The financial information contained on pages 6 to 12, has been prepared inaccordance with applicable International Financial Reporting Standards ("IFRS"),including International Accounting Standards ("IAS") and interpretations issuedby the International Accounting Standards Board ("IASB") and its committees. These standards are subject to ongoing amendment by the IASB and subsequentendorsement by the European Commission and are therefore subject to possiblechange. As a result, information contained within these statements may requireupdating for any subsequent amendments to IFRS required for "first time adoption" (IFRS 1) or any new IFRS standards that the Group may elect to adopt early. The financial information presented is unaudited and for illustration purposesonly. Enquiries:Anthony Foye, Finance DirectorT&F Informa plc Tel: +44 20 7017 5291 Charles PalmerTim SprattFinancial Dynamics Tel: +44 20 7831 3113 Basis of preparation The financial information presented in this document has been prepared inaccordance with applicable International Financial Reporting Standards ("IFRS"),including International Accounting Standards ("IAS") and interpretations issuedby the International Accounting Standards Board ("IASB") and its committees.These standards are subject to ongoing amendment by the IASB and subsequentendorsement by the European Commission and are therefore subject to possiblechange. As a result, information contained within these statements may requireupdating for any subsequent amendments to IFRS required for "first time adoption" (IFRS 1) or any new IFRS standards that the Group may elect to adopt early. In preparing this financial information, the Group has also assumed that theEuropean Commission will endorse IFRS 2, "Share-based Payments" and theamendment to IAS 19, "Employee Benefits - Actuarial Gains and Losses, GroupPlans and Disclosures". 1. IFRS 1 exemptions IFRS 1, "First-time Adoption of International Financial Reporting Standards"sets out the procedures that the Group must follow when it adopts IFRS for thefirst time as the basis for preparing its consolidated financial statements. TheGroup is required to establish its IFRS accounting policies as at 31 December2005 and, in general, apply these retrospectively to determine the IFRS openingbalance sheet at its date of transition, 1 January 2004. This standard provides a number of optional exceptions to this generalprinciple. The most significant of these are set out below, together with adescription in each case of the exception adopted by the Group in thesestatements. a. Business combinations that occurred before the opening IFRSbalance sheet date (IFRS 3, "Business Combinations"). The Group has elected not to apply IFRS 3 retrospectively to businesscombinations that took place before the date of transition, 1 January 2004. As aresult, goodwill arising from past business combinations has not been amortisedduring 2004 except for an impairment provision of £15.00m. All other business combinations since 1 January 2004 have been accounted forunder IFRS 3. The most notable impact of this has been the reversal of theMerger accounting rules applied to the combination of Taylor & Francis Group plcand Informa Group plc on 10 May 2004 which has now been accounted for under theAcquisition accounting method. b. Pensions and other similar employee benefits - actuarial gainsand losses (IAS 19, "Employee Benefits") The Group has elected to recognise all cumulative actuarial gains and losses inrelation to employee benefit schemes at the date of transition. The Group hasrecognised actuarial gains and losses in full in the period in which they occurin a statement of recognised income and expense in accordance with the amendmentto IAS 19, issued on 16 December 2004 (note 7). c. Share-based payments (IFRS 2, "Share-based Payment") The Group has elected to apply IFRS 2 to all relevant share based paymenttransactions granted after 7 November 2002 but not fully vested at 1 January2005. d. Financial Instruments (IAS 32, "Financial Instruments: Disclosureand Presentation" and IAS 39, "Financial Instruments: Recognition andMeasurement") The Group has not applied IAS 32 and IAS 39 for the period presented and hastherefore taken advantage of the exemption in IFRS 1 that enables the Group toapply these standards from 1 January 2005. The application of IAS 32 and IAS 39 from 1 January 2005 will result in therecognition of interest rate swaps of £3.00m (liability) and foreign currencysale contracts of £1.50m (asset) on 1 January 2005. It is anticipated that theinterest rate swaps will unwind over the next 5 years and the foreign currencysales will be recognised in the interim financial statements to 30 June 2005. 2. Presentation of financial information The primary statements within the financial information contained in thisdocument have been presented in accordance with IAS 1, "Presentation ofFinancial Statements". However, this format and presentation may requiremodification in the event that further guidance is issued and as practicedevelops. Key impact analysis The analysis below sets out the most significant adjustments arising from thetransition to IFRS. 1. Presentation of Financial Statements The format of the Group's primary financial statements has been presented inaccordance with IAS 1, "Presentation of Financial Statements". The combinationof Taylor & Francis Group plc and Informa Group plc on 10 May 2004 has beenaccounted for using the acquisition method of accounting as required under IFRS3 which, together with other adjustments, adds £554.59m to Goodwill andIntangible Fixed Assets (note 3) compared to the previous merger accountingmethod. In addition only the results post 10 May 2004 are included for Taylor &Francis Group plc resulting in a net reduction to Group turnover of £54.82m andan increase to profit after tax of £0.02m. 2. Intangible Assets a. Goodwill and acquired intangible assets amortisation IAS 38, "Intangible Assets" states that goodwill is not amortised. Insteadgoodwill is subject to an annual impairment review. As the Group has elected notto apply IFRS 3 retrospectively to business combinations prior to 1 January2004, the original UK GAAP goodwill balance at 1 January 2004 (£306.13m) hasbeen included in the opening IFRS consolidated balance sheet and is no longeramortised, but continues to be subject to impairment reviews. Due to the adoption of the acquisition method of accounting for the combinationof Taylor & Francis Group plc and Informa Group plc, an additional £554.59m(note 3) of goodwill and intangible assets has been recognised as at the date ofthe combination (10 May 2004). The goodwill amortisation charge previously calculated under UK GAAP has beencredited to the profit and loss account. Under IAS 38 the group is required toamortise intangible fixed assets over their estimated useful lives. Theresultant net credit to the profit and loss account is £21.00m (note 3) for theyear ended 31 December 2004. IFRS 1 requires that an annual impairment review of goodwill is conducted inaccordance with IAS 36, "Impairment of Assets" at the date of transitionirrespective of whether there is an indication of impairment. No impairmentsother than the £15.00m previously reported in the UK Group results for the yearto 31 December 2004 were necessary. b. Computer Software Under UK GAAP, capitalised computer software is included within tangible fixedassets on the balance sheet as property, plant and equipment. Under IAS 38 onlycomputer software that is integral to a related item of hardware can be includedas property, plant and equipment. All other computer software is recorded as anintangible asset. Accordingly, a reclassification has been made in the opening balance sheet of£5.91m (net book value) from property, plant and equipment to intangible assets(note 3). 3. Deferred and Current Taxes IAS 12, "Income Taxes" requires deferred tax to be provided on all temporarydifferences rather than just timing differences as under UK GAAP. It alsorequires deferred tax to be provided in respect of the Group's liabilities underits post employment benefit arrangements and on other employee benefits such asshare and share option schemes. The tax impact of these and other IFRSadjustments is quantified in the relevant section of this statement (note 4). "Tax on profit on ordinary activities" on the face of the consolidated incomestatement comprises the tax charge of the Company, its subsidiaries and itsshare of the tax charge of joint ventures. In particular the reader's attention is drawn to the requirement to provide afull deferred tax liability in respect of intangible assets, other thangoodwill, which were recognised on the acquisition of Taylor and Francis Groupplc to the extent that those assets exceed their tax base. This liability willbe amortised as the intangible assets are amortised. The effect of thisrecognition has been to increase goodwill by £106.25m (note 3) and deferred taxby £106.25m. 4. Share-based Payments IFRS 2, "Share-based Payments" states that an expense for equity instrumentsgranted should be recognised in the financial statements based on their "fairvalue" at the date of grant. This expense, which is primarily in relation toemployee option and performance share schemes, is then recognised over thevesting period of the relevant scheme. The Group has applied IFRS 2 to all instruments granted after 7 November 2002but not fully vested as at 1 January 2005 and has adopted the Binomial model forthe purposes of computing "fair value". The charge arising from the adoption of IFRS 2 on the Group's income statementis £2.56m in the year ended 31 December 2004. Deferred tax is also provided based upon the expected future tax deductionsrelating to share-based payment transactions, and is recognised over the vestingperiod of the schemes concerned. The additional deferred tax credit in respectof the recognition of these share-based payment transactions was £0.77m for theyear ended 31 December 2004. 5. Post Employment Benefits The Group applied the provisions of SSAP 24 under UK GAAP and provided detaileddisclosure under FRS 17 in accounting for pensions and other post-employmentbenefits. The Group has elected to adopt early the amendment to IAS 19, "Employee Benefits" issued by the IASB on 16 December 2004 which allows all actuarial gains andlosses to be charged or credited to equity. The Group's IFRS balance sheet at 1 January 2004 reflects the assets andliabilities of the Group's defined benefit schemes totalling a liability grossof deferred tax of £13.89m. The transitional adjustment of £13.89m to openingreserves comprises the reversal of entries in relation to UK GAAP accountingunder SSAP 24 less the recognition of the net liabilities of the Group's andassociated undertakings' defined benefit schemes. In addition a further pensiondeficit of £4.88m (gross of deferred tax) has been recognised as a result of theadoption of acquisition accounting for the combination of Informa Group plc andTaylor & Francis Group plc. The incremental charge, net of deferred tax arisingfrom the adoption of IAS 19 on the Group's income statement is £0.58m in theyear ended 31 December 2004. 6. Deferred promotional expenditure IAS 38 "Intangible Assets" states that deferred promotional costs, which hadpreviously been capitalised under inventory, must be written off as incurred.Accordingly, deferred promotional costs of £4.00m have been written off theopening balance sheet as at 1 January 2004, with a further £0.96m being writtenoff in the year ending 31 December 2004. 7. Post Balance Sheet Events & Dividends IAS 10, "Events after the Balance Sheet Date" requires that dividends declaredafter the balance sheet date should not be recognised as a liability at thatbalance sheet date as the liability does not represent a present obligation asdefined by IAS 37, "Provisions, Contingent Liabilities and Contingent Assets". The final dividend declared in April 2004 in relation to the financial yearended 31 December 2003 of £7.48m has been reversed in the opening balance sheetand charged to equity in the balance sheet as at 31 December 2004. An adjustmentto reverse the final dividend declared in April 2005 (£15.87m) has also beenmade to the balance sheet as at 31 December 2004. The net effect of the above adjustment to dividends is a net credit of £8.39m toreserves in the year ended 31 December 2004. Performance measurement Income Statement The IASB and the US Financial Accounting Standards Board ("FASB") haveestablished an international working group on performance reporting. This hasbeen set up to help the Boards in their joint project to establish standards forthe presentation of information in financial statements that would improve theusefulness of that information in assessing the financial performance of anentity. Given that this project has yet to reach final conclusions, the Grouphas provisionally defined a number of additional performance measures that itanticipates publishing under IFRS. • "Adjusted operating profit" defined as: "Operating profit from subsidiaries and the Group's share of the net result fromequity accounted interests excluding items not related to underlying businessperformance". The items not relating to underlying business performance include theamortisation of intangible assets and those items which would have beenclassified as operating exceptional items under UK GAAP. • "Adjusted earnings per share" is measured using: "Net income attributable to equity shareholders, adjusted for: - Non-operating income and expense; and - Items not relating to underlying business performance." An analysis of adjusted operating profit and the adjusted earnings per sharemeasure is provided in the notes to IFRS information (notes 1 and 2). Unaudited consolidated IFRS income statementfor the year ended 31 December 2004 Note UK GAAP IFRS IFRS IFRS format adjustments (unaudited) (unaudited) (unaudited) £'000 £'000 £'000 Revenue 504,666 (54,821) 449,845Share of revenue of joint ventures (441) 441 -Change in inventories of finished goods and work in 1,042 3,405 4,447progressRaw materials and consumables used (158,646) 8,618 (150,028)Employee benefit expense (150,645) 10,691 (139,954)Depreciation expense (8,818) 920 (7,898)Amortisation and impairment expense (49,741) 25,960 (23,781)Other expenses (88,507) 18,215 (70,292)Share of result of joint ventures (271) 271 - Operating profit 48,639 13,700 62,339 Merger costs (15,703) 15,703 -Non operating income and expense (1,118) - (1,118)Finance costs (20,551) 1,208 (19,343)Investment income 1,117 - 1,117 Profit before tax 12,384 30,611 42,995 Tax on profit on ordinary activities 4 (12,284) 1,997 (10,287) Profit for the period from continuing operations 100 32,608 32,708 Profit for the year 100 32,608 32,708 Attributable to:- Minority interests (26) - (26)- Equity shareholders 126 32,608 32,734 100 32,608 32,708 Earnings per share Earnings per share:From continuing operations- Basic 2 0.04p 13.31p 13.35p- Diluted 2 0.04p 13.22p 13.26p Unaudited IFRS Consolidated balance sheetas at 31 December 2004 Note UK GAAP IFRS IFRS IFRS format adjustments (unaudited) (unaudited) (unaudited) £'000 £'000 £'000Non-current assetsIntangible assets 3 6,258 474,766 481,024Goodwill 3 497,986 106,730 604,716Property, plant and equipment 33,400 (11,921) 21,479Other investments 10,605 - 10,605Assets for resale - 5,924 5,924 548,249 575,499 1,123,748 Current assetsInventory 42,638 (7,938) 34,700Trade and other receivables 91,688 (640) 91,048Deferred tax asset 414 - 414Cash and cash equivalents 19,126 - 19,126 153,866 (8,578) 145,288 Total assets 702,115 566,921 1,269,036 EquityCalled up share capital 29,946 - 29,946Share premium account 187,755 500,742 688,497Reserve for shares to be issued 1,267 380 1,647Other reserve 37,398 - 37,398Merger reserve 6 34,540 (34,540) -ESOP trust shares (3,641) (1,090) (4,731)Profit and Loss reserve (156,078) 73 (156,005) Total equity shareholders' funds 131,187 465,565 596,752 Minority interests 53 - 53 Total equity 131,240 465,565 596,805 Non-current liabilitiesLong-term borrowings 305,721 - 305,721Deferred tax liabilities 5,901 93,803 99,704Post employment benefits - 23,237 23,237Provisions for other liabilities and charges 660 - 660Other payables 465 - 465 312,747 117,040 429,787 Current liabilitiesShort-term borrowings 15,346 - 15,346Current taxation liabilities 22,420 - 22,420Trade payables and other payables 36,281 (15,684) 20,597Accruals and Deferred Income 184,081 - 184,081 258,128 (15,684) 242,444 Total equity and liabilities 702,115 566,921 1,269,036 Notes to IFRS financial information 1. Adjusted operating profit Year ended 31 December 2004 £'000 Operating profit 62,339 Items not related to underlying business performance:- Restructuring and reorganisation 9,285- Goodwill impairment 15,000- Intangible amortisation 8,781 Adjusted operating profit 95,405 2. Adjusted earnings per share Year ended 31 December 2004 £'000 Earnings for basic and diluted earnings per share from continuing 32,708operationsItems not related to underlying business performance:- Restructuring and reorginisation costs 9,285- Goodwill impairment 15,000- Loss on disposal of fixed assets 921- Profit on sale of business (3)- Impairment of other investment 200- Bank facility fees written off 2,415- Intangible amortisation 8,781- Tax on items not related to underlying business performance (6,188) Earnings for adjusted earnings per share 63,119 Weighted average number of shares for basic EPS (millions) 245Weighted average number of shares for diluted EPS (millions) 247 Basic earnings per share 13.35pDiluted basic earnings per share 13.26pAdjusted basic earnings per share from continuing operations 25.77pAdjusted diluted basic earnings per share from continuing operations 25.58p 3. Reconciliation of goodwill and intangible assets from UKGAAP to IFRS Intangible Assets Goodwill Total £'000 £'000 £'000Net intangible assets - UK GAAP 6,258 497,986 504,244 Taylor & Francis Group plc pre combination goodwill (6,258) (259,429) (265,687)derecognised under acquisition accoutingIntangible assets created on acquisition accounting 483,645 217,333 700,978for combination with Taylor & Francis Group plc Deferred tax on intangible assets - 106,248 106,248Merger costs (net of deferred taxation) - 13,049 13,049 477,387 77,201 554,588 UK GAAP amortisation reversal (excluding 247 29,529 29,776pre-acquisition)IFRS amortisation of intangible assets (8,781) - (8,781) (8,534) 29,529 20,995 Reclassification of computer software 5,913 - 5,913 Net intangible assets and goodwill - IFRS 481,024 604,716 1,085,740 4. Reconciliation of taxation charge from UK GAAP to IFRS Corporation tax Deferred tax Total £'000 £'000 £'000Taxation charge - UK GAAP 9,005 3,279 12,284Adjustment to tax charge under Acquisition Accouting (1,528) - (1,528)Adjustment to tax charge for:Goodwill - (1,749) (1,749)Pensions - (248) (248)Merger costs capitalised 2,654 - 2,654Deferred promotional expenditure - (288) (288)Share based and other employee payments - (838) (838) Taxation charge - IFRS 10,131 156 10,287 5. Reconciliation of deferred tax charge on intangible and goodwillamortisation £'000Total goodwill amortisation reversal 29,776Amortisation on goodwill where no tax deduction (14,973)available Goodwill amortisation for which tax deduction available 14,803 Deferred tax charge on tax deductable goodwill 4,471Less already provided for deferred tax on US (3,243)amortisationLess deferred tax on intangible amortisation (2,977) Additional deferred tax charge resulting (1,749) 6. Basis of consolidation Under IFRS, the business combination of Taylor & Francis Group plc and InformaGroup plc has been accounted for under the acquisition method and henceforth the merger reserve is not required. 7. Effect of IFRS on income statement for the year ended 31 December 2004 In- tangible assets Amort- reversal isation Share Deferred T&F of of based promo- Total pre goodwill in- and tional IFRS acquisition amort- tangible Merger employee Joint ex- adjust- UK GAAP balances results isation assets Pensions costs payments ventures penditure ments IFRS in IFRS format £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Revenue 504,666 (54,821) - - - - - - - (54,821) 449,845Share ofrevenue ofjoint ventures (441) - - - - - - 441 - 441 -Change ininventories of finished goods and work inprogress 1,042 4,366 - - - - - - (961) 3,405 4,447Raw materialsandconsumablesused (158,646) 8,618 - - - - - - - 8,618 (150,028)Employeebenefitexpense (150,645) 14,077 - - 119 - (2,793) (712) - 10,691 (139,954)Depreciationexpense (8,818) 920 - - - - - - - 920 (7,898)Amortisationand impairmentexpense (49,741) 4,965 29,776 (8,781) - - - - - 25,960 (23,781)Other expenses (88,507) 18,215 - - - - - - - 18,215 (70,292)Share ofresult ofjoint ventures (271) - - - - - - 271 - 271 - Operatingprofit 48,639 (3,660) 29,776 (8,781) 119 - (2,793) - (961) 13,700 62,339 Merger costs (15,703) - - - - 15,703 - - - 15,703 -Non-operatingincome andexpenditure (1,118) - - - - - - - - - (1,118) Finance (20,551) 2,154 - - (946) - - - - 1,208 (19,343)costsInvestmentincome 1,117 - - - - - - - - - 1,117 Profit onordinaryactivitiesbeforetaxation 12,384 (1,506) 29,776 (8,781) (827) 15,703 (2,793) - (961) 30,611 42,995 Tax on Profiton ordinaryactivities (12,284) 1,528 (1,228) 2,977 248 (2,654) 838 - 288 1,997 (10,287) Profit for the financial year 100 22 28,548 (5,804) (579) 13,049 (1,955) - (673) 32,608 32,708 Less: Minorityinterest 26 - - - - - - - - - 26 Profitattributableto equityshareholders 126 22 28,548 (5,804) (579) 13,049 (1,955) - (673) 32,608 32,734 Statement ofrecognisedincome andexpenseReconciliationfrom UK GAAPSTRGL to IFRSstatement (9,691) 3,017 - - (2,054) - - - - 963 (8,728) 8. Effect of IFRS on balance sheet as at 31 December 2004 Opening Balance Acquis- Def- Share Fixed Total Sheet ition erred Intan- based assets IFRS UK GAAP Balances Adjust- Accoun- Promo- Pens- Divi- gible paym- Taxa- for adjus- in IFRS Format ments(1) ting(2) tion ions dends assets ents tion resale tments IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Non currentassetsIntangible assets 6,258 5,913 477,387 - - - (8,534) - - - 474,766 481,024Goodwill 497,986 - 77,201 - - - 29,529 - - - 106,730 604,716Property, 33,400 (5,913) (84) - - - - - - (5,924) (11,921) 21,479plant and equipmentOther 10,605 - - - - - - - - - - 10,605investments Fixed assets - - - - - - - - - 5,924 5,924 5,924held for resale 548,249 - 554,504 - - - 20,995 - - 575,499 1,123,748 Current assetsInventory 42,638 (4,000) (2,977) (961) - - - - - - (7,938) 34,700Trade and other 91,688 - (640) - - - - - - - (640) 91,048receivablesDeferred tax 414 - - - - - - - - - - 414assetsCash and cash 19,126 - - - - - - - - - - 19,126equivalents 153,866 (4,000) (3,617) (961) - - - - - - (8,578) 145,288 Total assets 702,115 (4,000) 550,887 (961) - - 20,995 - - - 566,921 1,269,036 EquityCalled up 29,946 - - - - - - - - - - 29,946share capitalShare premium 187,755 - 500,742 - - - - - - - 500,742 688,497accountReserve for 1,267 - - - - - - 380 - - 380 1,647shares to beissuedOther reserve 37,398 - - - - - - - - - - 37,398Merger reserve 34,540 - (34,540) - - - - - - - (34,540) -ESOP trust (3,641) - (3,269) - - - - 2,179 - - (1,090) (4,731)shares Retained (156,078) (5,374) (19,444) (673) (2,633) 8,389 18,860 (1,955) 3,243 (340) 73 (156,005)losses Total equity 131,187 (5,374) 443,489 (673) (2,633) 8,389 18,860 604 3,243 (340) 465,565 596,752shareholders'funds Minority 53 - - - - - - - - - - 53interests Non-currentliabilitiesLong term 305,721 - - - - - - - - - - 305,721borrowingsDeferred tax 5,901 (5,508) 102,334 (288) (1,129) - 2,135 (838) (3,243) 340 93,803 99,704liabilitiesPost employment - 14,362 4,879 - 3,762 - - 234 - - 23,237 23,237benefitsProvisions for 660 - - - - - - - - - - 660liabilities andchargesOther payable 465 - - - - - - - - - - 465 312,747 8,854 107,213 (288) 2,633 - 2,135 (604) (3,243) 340 117,040 429,787 CurrentliabilitiesShort term 15,346 - - - - - - - - - - 15,346borrowingsCurrent tax 22,420 - - - - - - - - - - 22,420liabilitiesTrade payable 36,281 (7,480) 185 - - (8,389) - - - - (15,684) 20,597and other payablesAccruals and 184,081 - - - - - - - - - - 184,081Deferred income 258,128 (7,480) 185 - - (8,389) - - - - (15,684) 242,444 Total equity 702,115 (4,000) 550,887 (961) - - 20,995 - - - 566,921 1,269,036and liabilities 1 Adjustments to the opening balance sheet comprise the reclassificiation ofcomputer software from fixed to intangible assets of £5.91m, the write off ofdeferred promotional expenditure of £4.00m, an decrease in deferred taxliabilities of £5.51m, an increase in post employment benefit liabilities of£14.36m (comprising of a pension deficit of £13.89m and a holiday pay accrual of£0.47m), and the elimination of the dividend accrual of £7.48m. 2 Under UK GAAP, the combination of Taylor & Francis Group plc and Informa Groupplc was accounted under Merger Accounting. In accordance with IFRS thecombination has been accounted for under Acquisition Accouting. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Informa