5th Aug 2005 07:00
Greggs PLC05 August 2005 5 August 2005 GREGGS plc INTERNATIONAL FINANCIAL REPORTING STANDARDS Greggs is preparing for the adoption of International Financial ReportingStandards ("IFRS") as its accounting basis for the 52 weeks ending 31 December2005. As part of this process, Greggs is presenting today financial informationprepared in accordance with IFRS for the 53 weeks ended 1 January 2005 and atthe transition date of 28 December 2003. The interim results for the 24 weeksended 18 June 2005 under IFRS are also released today and are available on theGroup's website www.greggs.plc.uk. The impact of the adoption of IFRS on the results for the 53 weeks ended 1January 2005 is as follows IFRS UK GAAP % change £'000 £'000 Operating profit 45,763 44,714 +2.3%Profit after tax 32,277 31,587 +2.2%Total recognised income and expense attributable to shareholders 31,645 31,587 +0.0%Diluted EPS 267.7p 262.0p +2.2%Shareholders' funds 157,156 157,158 +0.0% The primary changes to the reported financial information from the adoption ofIFRS are as follows: Income statement • Inclusion of an estimated fair value charge for outstanding employee share options which reduced profit for the period by £0.1 million • Recognition of a lower annual cost in the actuarially assessed pension liability which increased profit for the period by £0.8 million • Net increase in profit for the period £0.7 million. Balance sheet • Recognition of actuarially assessed pension liability which net of the deferred tax effect amounted to £7.7 million reduction in net assets and reserves • Recognition of dividends as they are declared which increased net assets and reserves by £7.9 million • Restatement of certain items of property, plant and equipment to fair value as deemed cost at the transition date which net of the deferred tax effect increased net assets and reserves by £0.5 million • Recognition of deferred tax liabilities on rolled over capital gains which decreased net assets and reserves by £0.8 million • Overall net assets and reserves virtually unchanged. The detailed information underlying this summary is contained in the separatedocument attached and also published on our website. ENQUIRIES:Greggs plc gcg hudson sandlerMalcolm Simpson, Financial Director Wendy Baker / James HillRichard Hutton, Group Financial Controller Tel: 020 7796 4133Tel: 020 7796 4133 on Friday, 5 August only keithhann.communications 0191 281 7721 thereafter Keith Hann Tel: 07831 521870 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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