1st Jul 2005 14:06
Beazley Group PLC01 July 2005 1 July 2005 Beazley Group plc Transition to IFRS In June 2002, the European Union approved a regulation ('2005 Regulation')requiring all listed companies in the EU to adopt international financialreporting standards ('IFRS') from 1 January 2005. Therefore, we have adoptedIFRS from 1 January 2005 with the first IFRS financial statements beingpublished for the six month period ending 30 June 2005. These will be publishedon 7 September 2005 with all comparatives restated. The following is a summary of the unaudited financial impact on transition toIFRS. UK GAAP IFRS Adj. IFRS Year ended 31 December 2004Profit before tax 33.4 2.0 35.4Profit after tax 23.4 1.4 24.8Earnings per share 9.3 p 0.6 p 9.9 p As at 31 December 2004Shareholders' Funds 278.0 (0.4) 277.6Net assets per share 77 p - 77 p Adoption of IFRS will have: • No material impact on financial results at 31 December 2004• No changes to our underlying insurance activities, operations and cash flows• No changes to accounting for insurance and reinsurance contracts• No changes to our previously stated dividend policy More details of the transition to IFRS are included on our website:www.beazley.com For further information, please contact: Beazley Tel: 020 7667 0623Andrew Horton Finsbury Tel: 020 7251 3801Melanie GerlisAmanda Lee This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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