Business
Change of presentation curren
Change of presentation curren.
About this update from Elementis Plc
[{"type":"text","content":"\n RNS Number : 7157K Elementis PLC 26 April 2010 \n \n\nELEMENTIS PLC \nCHANGE OF PRESENTATION CURRENCY\n2009 COMPARATIVES RE-PRESENTED IN US DOLLARS\n \n \nINTRODUCTION\nElementis announced at the time of its 2009 preliminary results announcement that the Board had decided to change the Group's reporting currency to US Dollars in 2010. Below, the key financial information for 2009 re-presented in US Dollars is set out for comparative purposes.\n \nBACKGROUND\nThe majority of the Group's sales and earnings originate in US Dollars or US Dollar linked currencies and the change of presentation currency to the US Dollar will more closely align the Group's external financial reporting with the profile of the Group, as well as with current internal management reporting.\n \nThe change of the Group's presentation currency has been accounted for in accordance with IAS21, The Effects of Changes in Foreign Exchange Rates.\n \nThe following methodology has been used to re-present the 2009 results, originally reported in Sterling, into US Dollars:\n \na) Income and expenses have been translated at the average exchange rate for the relevant period;\n \nb) Assets and liabilities have been translated at the closing exchange rate for each balance sheet date: and\n \nc) Equity items have been translated at historical exchange rates.\n \nThe relevant exchange rates used are as follows:\n \n \n\n\n\n\n\n\n\n6 months ended 30 June 2009\n\n\nYear ended 31 December 2009\n\n\n\n\n\n\n\n£1=US$\n\n\n£1=US$\n\n\n\n\nAverage rate\n\n\n1.47\n\n\n1.55\n\n\n\n\nClosing rate\n\n\n1.65\n\n\n1.61\n\n\n\n\n \nFurther enquiries:\n \n\n\n\n\nElementis\n\n\n020 7408 9300\n\n\n\n\nBrian Taylorson, Finance Director \n\n\n\n\n\n\n\n \n\n\n\n\nFinancial Dynamics\n\n\n020 7831 3113\n\n\n\n\nGreg Quine\n\n\n\n\n\n\n\n\n\n \nELEMENTIS PLC\nCHANGE OF PRESENTATION CURRENCY\n2009 COMPARATIVES RE-PRESENTED IN US DOLLARS\n \nConsolidated income statement\n \n\n\n\n\n \n\n\n6 months ended 30 June 2009\n\n\n \n\n\nYear ended 31 December 2009\n\n\n\n\n \n\n\nBefore\nexceptional\n\n\nExceptional\nitems\n\n\nAfter\nexceptional\n\n\n \n\n\nBefore\nexceptional\n\n\nExceptional\nitems\n\n\nAfter\nexceptional\n\n\n\n\n \n\n\nitems\n\n\...