27th Sep 2005 07:00
Carpetright PLC27 September 2005 27 September 2005 Carpetright plc IFRS Update Carpetright plc, Europe's leading specialist carpet and floor coveringsretailer, has today released its consolidated financial information for the 52weeks ending 30 April 2005 restated under International Financial ReportingStandards ("IFRS"). The headlines from these restated accounts are : • There is a small reduction in underlying profit before tax (1) of £0.8 million for the year ended 30 April 2005. The most significant adjustment arises from the treatment of lease incentives which are now required to be spread over the life of the lease. • Net assets (2) as at 30 April 2005 reduce by £1.3 million to £41.2 million. The most significant adjustment arises from the treatment of deferred tax on property gains. These adjustments are in line with the guidance provided within the preliminaryannouncement on 28 June 2005. Full details of the restatement and accompanying financial information isavailable on the Group's website at www.carpetright.plc.uk and include : • Financial Results (Balance Sheet, Income Statement and Statement of Recognised Income and Expense) for the year to 30 April 2005 together with the comparative Balance Sheet as at 2 May 2004, as restated under IFRS accounting policies. These are supported by reconciliations between UK GAAP and IFRS. • An explanation of the way the new standards have been interpreted. • A summary of accounting policies under IFRS. The introduction of IFRS, although an important accounting change, has no effecton the Group's strategy, underlying business performance or its cash-flow. For further enquires please contact : Carpetright plc Tel: 01708 525522Ian Kenyon, Group Finance Director Citigate Dewe Rogerson Tel: 020 7638 9571Patrick Toyne-SewellSara Batchelor Notes : 1. Profit for the year ended 30 April 2005 £m UK GAAP Underlying profit before tax 3 62.3 Finance leases and lease incentives (1.1) Share based payments (0.1) Depreciation on impaired assets 0.1 Other 0.3 (0.8) IFRS Underlying profit before tax 61.5 2. Net assets as at 2 May 2004 and 30 April 2005 2005 2004 £m £m UK GAAP Total net assets 42.5 40.3 Finance leases and lease incentives (4.9) (4.2) Pensions (1.7) (1.8) Share based payments 0.2 0.1 Goodwill amortisation write back 0.9 0.0 Deferred tax on revaluations and rolled over gains on property disposals (13.2) (10.0) Reversal of proposed dividend 19.0 18.8 Asset impairment (0.6) (0.6) Other (1.0) (1.2) (1.3) 1.1 IFRS Total net assets 41.2 41.4 Tax and deferred tax adjustments are included within the respective adjustments where applicable 3. Underlying profit is before amortisation of goodwill, asset impairment and profit on disposal and termination. 4. We have discussed the interpretation of IFRS with our auditors PricewaterhouseCoopers LLP. However, the financial information included within the report has not been audited. 5. The first results reported by Carpetright under IFRS will be the interim results for the 26 weeks to 29 October 2005. These will be published on 13 December 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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