30th Jun 2005 13:12
30 June 2005 United Business Media IFRS Confirmation United Business Media ("UBM") today publishes its 2004 interim and full yearresults restated in accordance with International Financial Reporting Standards("IFRS"). In February 2005 UBM published an estimate of the effects of IFRS onthe profit for the 2004 financial year in accordance with UK GAAP. Today'sdetailed restatement reaffirms the estimate issued in February. That note isrepeated below for ease of reference - there have been no changes.The 2004 financial statements issued today also include updated segmentalanalysis of UBM's operating divisions - these have now been brought into linewith recent changes to UBM management structures, the major changes having beenannounced at the time of UBM's AGM in May. The 2005 interim results - scheduledfor publication on 27 July - will be reported in a format consistent withtoday's restatement - and will include reconciliations to the old formats.Full detailed copies of the restated accounts are available on the InvestorRelations pages of the UBM website:www.unitedbusinessmedia.comFor further information, please contact:Michael Waring United Business Media 020 7921 5031 Colin Browne The Maitland Consultancy 020 7379 5151 Notes to Editors:IFRS SUMMARY ESTIMATE - as originally published in February 2005UBM has estimated the impact of IFRS as if used as the accounting basis for its2004 results. There is a significant positive impact on profit due to the nonamortisation of goodwill under IFRS; the net effect of other changes isexpected to be immaterial. ‚£m's Profit for the financial year in accordance with UK GAAP 111.3 IFRS adjustments (unaudited) - amortisation of goodwill and intangible assets 122.9 - share based payments (1.5) - equity accounting 1.7 - deferred tax 0.9 - pensions 0.1 - other 0.4 Profit in accordance with IFRS 235.8 United Business Media plc (http://www.unitedbusinessmedia.com) is aleading provider of business information services to the technology,healthcare, media, automotive, financial services and property industries. UBMoffers services in news distribution, publishing and events to customers acrossthe globe. Its brands include PR Newswire, the world's leading corporate newsdistribution service and CMP, the B2B media and exhibition group operating inhigh tech, healthcare, property, entertainment, jewellery & fashion in the US,UK, Asia and Europe.This press release may include statements which are not historical facts andare considered "forward-looking" within the meaning of Section 27 of theSecurities Act of 1933, as amended. Any such forward-looking statements reflectUBM's current views about future events, business and growth strategy andfinancial performance. These forward-looking statements are identified by theiruse of terms and phrases such as "believe," "expect," "plan," "anticipate," "ontarget" and similar expressions identifying forward-looking statements.Investors should not rely on forward-looking statements because they aresubject to a variety of risks, uncertainties and other factors that could causeactual results to differ materially from UBM's expectations. UBM expressly doesnot undertake any duty to update forward-looking statements. Management doesnot attempt to update forecasts unless conditions materially change.ENDUNITED BUSINESS MEDIA PLCRelated Shares:
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