9th Mar 2005 07:00
Aggreko PLC09 March 2005 AGGREKO plc Aggreko holds IFRS Analyst Briefings Aggreko, the global provider of temporary power, temperature control andoil-free compressed air systems, begins a series of meetings with analysts tooutline the impact on the Group's 2004 financial statements of the adoption ofInternational Financial Reporting Standards ("IFRS"). The Group's interimfinancial statements to 30 June 2005 and financial statements for the year to 31December 2005 will be the first to be published in accordance with IFRS, andboth will include comparatives for 2004 under IFRS. No new information regardingcurrent trading will be given during the analyst briefings.The presentation will focus on the key accounting changes arising from theintroduction of IFRS and will give an illustration, based on reconciliationsbetween the Group's 2004 UK GAAP Preliminary Announcement and IFRS, of thequantitative impact on profit, net assets and the presentation of the BalanceSheet. The Group's auditors have been kept informed of, and consulted on, thedevelopment of the IFRS project and the preparation of the new Group Accountingpolicies but these illustrative IFRS figures are unaudited. They have beenprepared solely to demonstrate the effect of the measurement impact of IFRS onthe Group's financial statements. The anticipated overall effect of IFRS on Aggreko for 2004 is minimal, with aprofit before tax reduction of £0.1m, a reduction in earnings per share of 0.3%,and an increase in net assets of £0.2m. Summary of anticipated IFRS impacts: Year Ended 31 Year Ended 31 December 2004 December 2004 UK GAAP IFRS (audited) (unaudited) £m £mProfit before tax and significant items 42.6 42.5 Basic earnings per share presignificant items (pence) 10.86 10.83 Net assets 178.3 178.5 The key accounting areas of impact for Aggreko include the following, which arediscussed in detail in the presentation: • IFRS 2 Share Based Payments• IFRS 3 Business Combinations and IAS 38 Intangible Assets• IAS 14 Segment Reporting• IAS 19 Employee Benefits• IAS 39 Financial Instruments Further International Financial Reporting Standards and interpretations may beissued in the future that will be applicable for financial years beginning on orafter 1 January 2005. Therefore, the Group's first audited IFRS financialstatements may be prepared in accordance with different accounting policies fromthose used here. We will monitor closely future IFRS developments and theirimpact on our financial statements. A copy of the presentation is available on the Aggreko website, www.aggreko.com. - ENDS - For further information, please contact: Angus CockburnAggreko plc Tel: 0141 225 5900 Fiona PiperThe Maitland Consultancy Tel: 0207 379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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