Business
IFRS Restatements
IFRS Restatements.
About this update from Avon Technologies Plc
[{"type":"text","content":"\n Avon Rubber PLC\n11 May 2006\n\n\n\n 11 May 2006\n\n Avon Rubber p.l.c.\n\n IFRS Restatements\n\nAvon Rubber p.l.c. will be reporting its financial results in accordance with\nInternational Financial Reporting Standards (IFRS), as adopted by the European\nUnion, for accounting periods beginning on or after 1 October 2005.\n\nThis statement summarises and explains the unaudited, consolidated IFRS results\nof Avon Rubber p.l.c. for the half year ended 31 March 2005 and full year ended\nSeptember 2005 as converted from UK Generally Accepted Accounting Principles\n('UK GAAP'), published in May 2005 and December 2005 respectively. Full details\ncan be found on our website at http://www.avon-rubber.com/corporate/reports/\nifrs.pdf.\n\nAvon Rubber p.l.c. will publish its 2006 Interim Report and Annual Report and\nAccounts in accordance with IFRS.\n\nOverview of impact\n\n • No impact on cashflow or revenue recognition.\n\n • Reported losses after tax and basic loss per share increased compared to\n UK GAAP for the year ended 30 September 2005.\n\n • Net assets reduced due to the impact of the revaluation of the Group's\n UK properties under IFRS 1.\n\n • Positive impact on net assets resulting from the capitalisation of\n development costs under IAS 38.\n\n\n Half year ended Year ended\n 31 March 2005 30 September 2005\n IFRS UK GAAP IFRS UK GAAP\n £'000 £'000 £'000 £'000\n________________________________________________________________________________\nTotal operating profit before\n Goodwill and exceptional items 2,333 3,050 6,183 7,524\n\nTotal operating profit/(loss)* 401 772 (1,975) (1,325)\n\n(Loss)/profit before tax (160) 209 (3,364) (2,825)\n\nLoss per share (4.6)p (1.5)p (19.1)p (14.1)p\n\nEquity Shareholders funds 58,335 66,987 46,934 55,578\n\n\n*UK GAAP numbers include a share of the operating profit of the joint venture.\n\n\n Explanation Half year Year\n Note ended 31 ended 30\n March September\n 2005 2005\nReconciliation of total operating profit/(loss) £'000 £'000\n________________________________________________________________________________\nAs per UK GAAP 772 (1,325)\n2005 development costs now capitalised 4 277 643\nAmortisation and impairment of\n development costs and other intangibles 4 (323) (1,244)\nGoodwill amortisation 1 348 802\nShare options 2 (802) (1,002)\nReduced depreciation on revalu...