Business
IFRS restatement 2006/07
IFRS restatement 2006/07.
About this update from Jet2 Plc
[{"type":"text","content":"\n Dart Group PLC\n05 November 2007\n\n\n\n Dart Group PLC\n\n Dart Group restates its 2006/2007 Financial Information under IFRS\n\n\nOn 22 November 2007, Dart Group PLC ('the Group') will be announcing its interim\nresults for the six months ended 30 September 2007. As required by AIM Rules, \nresults for this and subsequent periods will be reported under International \nFinancial Reporting Standards. In those interim results, the Group will also \nrestate its financial information under IFRS for the year ended 31 March 2007 \nand for the six months ended 30 September 2006.\n\nWhilst there is no change in the Group's cash flows, this restatement has a\nparticular impact on the treatment of contracts taken out to hedge the Group's\nexposure to fuel and foreign currency movements, the effect of which is to alter\nthe timing of recognition of changes in value of these contracts.\n\nTo highlight the effect of the restatement under IFRS and how the Group will\npresent this in future results announcements, the headline consolidated\nfinancial results for the Group under IFRS for the year ended 31 March 2007 are\nsummarised below, alongside the equivalent numbers reported under UK GAAP for\nthat period. In addition, in the final column the results for the same period\nare shown for information, as if hedge accounting under IFRS had been possible\nin the period for all relevant derivative contracts.\n\nDart Group will present its future results, including the interim results to be\nreleased on 22 November 2007, in the same manner, showing both the actual IFRS\npresentation and, for information purposes, as if hedge accounting under IFRS\ncould have been adopted in 2006/7 for all relevant derivative contracts.\n\n\n IFRS restatement \n£m (except as UK IFRS assuming hedge\nindicated) GAAP restatement accounting\n (audited) (unaudited) (unaudited)\n\nIncome Statement\n\nTurnover 352.0 349.0 349.0\n\nEBITDA (1) 40.0 22.1 39.8\n\nOperating Profit(1) 18.6 1.2 18.9\n\nProfit/(loss) before\ntaxation (1) 15.9 (3.6) 14.1\n\nProfit attributable\nto equity shareholders 13.6 0.7 13.1\n\n\nBalance sheet\n\nNet assets 71.1 59.0 59.0\n\n\nEarnings per Share (p) 9.73 0.53 9.37\n\n\n\n\nNotes\n\n(1) The above UK GAAP figures for EBITDA, Operating Profit and Profit before\ntaxation exclude the £2.2m profit which the group made on the sale of Channel\n...