Business
IFRS Re-Statement 2005/2006
IFRS Re-Statement 2005/2006.
About this update from Asos Plc
[{"type":"text","content":"\n ASOS PLC\n24 November 2006\n\n\n\nFOR RELEASE 7.00 am 24 November 2006\n\n\n\n ASOS plc\n\n ('ASOS' or 'the Company')\n\n (Leading online fashion retailer)\n\n\n\n IFRS RE-STATEMENT OF 2005/2006 RESULTS\n\n\n\nAhead of the interim results to be released on Tuesday, 28 November 2006, ASOS\ntoday releases financial information prepared under International Financial\nReporting Standards (IFRS) for the twelve months ended 31 March 2006 and\nexplains the impact of the adoption of IFRS on these results.\n\n\nUnder IFRS, ASOS's Profit before Tax and Amortisation for the year ended 31\nMarch 2006 reduces from £1.65m under UK GAAP to £1.53m under IFRS. Profit before\nTax increases from £1.42m to £1.53m. Net assets at 31 March 2006 increases from\n£4.98m to £5.46m.\n\n\nIt is estimated that the adoption of IFRS in the financial year ending 31 March\n2007 will reduce Profit before Tax and Amortisation by £350,000 and reduce\nProfit before Tax by £120,000.\n\n\nThe adoption of IFRS represents an accounting change only, and does not affect\nthe underlying operation of the business or ASOS's cash flows.\n\n\nInterim results for the 6 months to 30 September 2006 prepared in accordance\nwith IFRS will be announced on Tuesday, 28 November 2006.\n\n\n\nASOS plc\n\nNick Robertson, Chief Executive Tel: 020 7240 7070\nJon Kamaluddin, Finance Director\nWebsite: www.asos.com\n\n\nCubitt Consulting\n\nBrian Coleman-Smith / Nia Thomas Tel: 020 7367 5100\n\n\nSeymour Pierce\n\nMark Percy / Nicola Marrin Tel: 020 7107 8000\n\n\nBackground note:\n\n\nASOS plc is an Internet Retail and Marketing Services Group, established in June\n2000 and admitted to AIM in October 2001. Its principal business is ASOS.com, a\nleading online fashion and beauty retailer. Aimed primarily at an Internet savvy\n18-34 year old, ASOS had over 1,075,000 registered users at 10 October 2006 and\noffers over 4000 products across womenswear, menswear, footwear, accessories,\njewellery and beauty.\n\n\n\n\n\nASOS PLC\n\nExplanation of the financial impact following adoption of IFRS\n\n\n1). Introduction\n\n\nThe Interim Financial Statements for the 6 months ended 30 September 2006 will\nbe prepared using accounting policies consistent with International Financial\nReporting Standards (IFRS) for the first time. The comparative information in\nthose financial statements must ...