17th May 2005 08:00
17 May 2005Restatement of Financial Year 2004 under International Financial ReportingStandards (IFRS)Further to the previous comments on IFRS, principally at the time of itspreliminary results for the year ended 31 December 2004 released on 2 March2005, LogicaCMG has today published its financial statements for both the firsthalf and full year 2004 restated in line with IFRS. The Company has provideddetailed reconciliations to the previously announced UK GAAP figures and inorder that the resulting tables can be presented in the optimum form for easyreference, the document is available for download from its website at: http://www.logicacmg.com/pdf/ir/IFRSrestatement_17_05_05.pdfThe first LogicaCMG financial results under IFRS will be the 2005 interimswhich are due to be announced on 31 August 2005. The numbers published todaywill provide the appropriate historic comparators. The Company has previouslyprovided background on the areas of impact which in 2005 are still expected tobe broadly similar to the guidance given in March. However, subsequentclarification of the treatment of convertible bonds under IAS 32/39 by theInternational Financial Reporting Interpretations Committee (IFRIC) requiresthat in addition to the increased interest expense previously communicated, thechange in the fair value of the bonds' conversion option will be recorded inthe income statement. Whilst it is not possible to forecast this impact, theestimated impact in the first quarter was marginally profit-enhancing.LogicaCMG again emphasises that the introduction of IFRS has no impact on theunderlying economics, cash flows or risk profile of its business.For further information, please contact:Carolyn Esser - media relations 020 7446 1786 (mobile: 07974 982343)Tony Richards/Frances Gibbons - investor relations 020 7446 4341 (mobile: 07733260393)Toby Mountford - Citigate Dewe Rogerson 020 7638 9571 (mobile: 07710 356611)Seb Hoyle - Citigate Dewe Rogerson 020 7638 9571 (mobile: 07799 476804)ENDLOGICACMG PLCRelated Shares:
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