7th Jun 2005 12:52
7 June, 2005 Daily Mail and General Trust plc ('DMGT') Presentation on IFRS DMGT is conducting a telephone conference call this afternoon with Cityanalysts to talk about the likely impact on the Group of internationalfinancial reporting standards ('IFRS') under which it will be required toreport from 2005/06. The presentation will be webcast from 3 p.m. and will beavailable live on the Company's website, dmgt.co.uk.During the presentation, it will be stated that the main IFRS areas that affectDMGT are employment benefits (mainly pensions), share based payments, goodwilland intangibles, dividends, deferred tax and financial instruments.DMGT's transition date is 4th October 2004 and its first comparative figureswill be for the current financial year so there is not yet a set of full year'sresults to restate. Accordingly the presentation will cover the estimatedadjustments to DMGT's 2004 balance sheet, to its 2005 interim results and,where possible, an indication will be given of the full year impact of theadjustments to earnings.It will be stressed that, although the numbers being presented are in line withcurrent international standards, it may be that the International AccountingStandards Board will offer further guidance which may change DMGT's numbersahead of the publication of its audited 2005 IFRS balance sheet at the time ofthe announcement of its interim results in May 2006. Therefore the numbers tobe presented today are still fluid and are unaudited.In summary, DMGT believes that its 2005 interim adjusted profit before tax willbe ‚£12 million lower under IFRS, of which ‚£6 million is mainly a timingdifference which will reverse in the second half of the year.Statutory interim post-tax profit will be ‚£24 million higher than under UKGAAP, principally due to the requirement not to amortise goodwill under IFRS.Net assets in DMGT's opening Group balance sheet at 4th October 2004 will bereduced by ‚£231 million mainly due to the impact of the new pensions' standard,IAS 19.There will be no impact on cash flows, although the presentation of the CashFlow Statement will change; nor should there be any impact on historic netdebt.Enquiries:Peter Williams, Finance Director, DMGT 020 7938 6631Nicholas Jennings, Company Secretary, DMGT, 020 7938 6625John Donegan, Group Accountant, DMGT, 020 7938 6627ENDDAILY MAIL & GENERAL TRUST PLCRelated Shares:
DMGT.L