Business
Adoption of IFRS
Adoption of IFRS.
About this update from Genus Plc
[{"type":"text","content":"\n Genus PLC\n05 March 2007\n\n\nFOR IMMEDIATE RELEASE 5 March 2007\n\n\n\n GENUS plc\n\n ('Genus' or 'the Company')\n\n\n Adoption of International Financial Reporting Standards ('IFRS')\n\n\nAs announced on 9 January 2007, Genus will be preparing its consolidated\nfinancial statements for the year ending 30 June 2007 under IFRS, in progressing\ntowards the Company's move from AIM to the Official List later this year. The\ninterim financial information for the six months ended 31 December 2006 due to\nbe announced on 13 March 2007 will also be prepared under IFRS.\n\n\nTo assist investors in their understanding of the impact of IFRS on the Company,\nGenus has today posted to the Company website (www.genusplc.co.uk) a Transition\nDocument setting out the Company's IFRS accounting policies and restated\nfinancial information for the previously published fifteen month period ended 30\nJune 2006, together with a reconciliation from UK Generally Accepted Accounting\nPrinciples ('UK GAAP') to IFRS. The financial information presented in the\nTransition Document has been prepared on the basis of all IFRS that are expected\nto be applicable for the Company's 2007 reporting. This information is subject\nto ongoing review and possible amendment as set out in the Transition Document.\n\n\nAdoption of IFRS as a basis of accounting does not alter the underlying\noperational performance or cash flows of the Company, or the Company's\ndistributable reserves.\n\n\nThe main changes, when compared with the Company's financial results for the 15\nmonths ended 30 June 2006 prepared under UK GAAP, are:\n\n\n • Operating profit from continuing operations increases from £10.8m to\n £20.1m.\n\n\n • Net assets at 30 June 2006 increase by £47.8m to £149.2m.\n\n\n • Basic EPS for continuing operations increases from 6.8p to 24.5p.\n\n\n • Adjusted EPS* for continuing operations becomes 19.7p due to the\n exclusion of EPS of 5.3p relating to businesses classified under IFRS 5 as\n discontinued. Adjusted EPS of 25.4p under UK GAAP includes businesses\n classified under IFRS as both continuing and discontinued.\n\n\n* (earnings before the fair value component of the movement in biological\n assets, amortisation of intangible assets, share based payments expense and\n exceptional items).\n\n\n\nThe changes listed above arise principally from the ...