12th May 2005 07:02
Inchcape PLC12 May 2005 12 May 2005 Inchcape issues unaudited results for 2004 under IFRS Inchcape plc, the international automotive services group, has today publishedits unaudited full year results, for the year ended 31 December 2004, underInternational Financial Reporting Standards (IFRS). The full report, which isnow available on Inchcape's website www.inchcape.com, covers the followingareas: • Basis of preparation; • First time application; • Impact of transition including profit reconciliation from UK GAAP to IFRS; • Principal accounting policies; and • Segmental reporting. Reconciliations of UK GAAP to IFRS for the six months ended 30 June 2004, andthe financial position as at 1 January 2005 following the adoption of IAS 32 andIAS 39, are also included. The impact of the transition is broadly neutral on profit before tax andearnings subject to the achievement of hedge effectiveness under IAS 39. Netassets are reduced mainly due to the inclusion of the net pension deficit in thebalance sheet. Cash flow and the underlying economics of the business arehowever unchanged. In order to ensure the effective communication of the transition, Inchcape willbe holding an analyst briefing to explain the detail behind the changes. Thiswill be held at our Retail pre-delivery inspection centre in Brooklands, Surrey,on 13 May 2005. At this meeting a presentation will also be given on the scaleand structure of the Eastern European car markets, as this is a key area ofstrategic focus for the Group. The presentation material will be available onthe Inchcape website from 13 May 2005. No further trading information will be provided at that meeting other than thatdisclosed in the Annual General Meeting Trading Statement, which has also beenissued today. Notes to editors You can view the Annual General Meeting (AGM) Trading Statement by visiting ourwebsite www.inchcape.com. The AGM slides and speeches will be available online,under 'Presentations', from approximately 1200hrs today. The results of the AGMresolutions will also be available today, under 'News Desk', from 1600hrs. For further information, please contact: Group Communications, Inchcape plc 020 7546 0022 Hogarth Partnership Limited (John Olsen/Barnaby Fry) 020 7357 9477 Inchcape, an international automotive services group, provides qualityrepresentation for its manufacturer partners, a choice of channels to market andproducts for its retail customers and a range of business services for itscorporate customers. Operations are focused on the UK, Greece, Belgium,Australia, Hong Kong and Singapore. Inchcape's activities include exclusiveImport, Distribution and Retail, Business Services, automotive E-commerce andFinancial Services. Our key manufacturer partners are Toyota/Lexus, Subaru, BMW,the Premier Automotive Group of Ford, Mazda, Mercedes-Benz and Volkswagen. For further information, visit us at www.inchcape.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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