Business
Transition to IFRS
Transition to IFRS.
About this update from Porvair Plc
[{"type":"text","content":"\n Porvair PLC\n19 May 2006\n\n\nFor Immediate Release 19 May 2006\n\n Porvair plc\n\n Transition to International Financial Reporting Standards (IFRS)\n\nPorvair plc ('Porvair') is today publishing information about its IFRS\naccounting policies and restating its results for the year ended 30 November\n2005, the six months results to 31 May 2005 and its balance sheets as at 30\nNovember 2004, 2005 and 31 May 2005 in order to give an understanding of the\neffect of IFRS on the Company's financial reporting. Porvair will report under\nIFRS for the first time in the 2005/2006 interim results, which will be\npublished in July 2006.\n\nSummary of IFRS impact on the year ended 30 November 2005 Income Statement\n(unaudited)\n\nSummary of IFRS impact on the year ended 30 November 2005 Income Statement\n(unaudited)\n\n Underlying* Statutory\n £'000 £'000\nUK GAAP profit before tax 3,028 874\nAdd back loss on discontinued operations - 644\n ----------- -----------\nUK GAAP profit before tax (continuing 3,028 1,518\noperations)\nAdjustments:\nAmortisation of goodwill - 2,221\nSSAP 24 to IAS19 retirement benefit (325) (325)\nadjustment\nCharge for share based payments (81) (81)\nInterest earned on long term debtor held 20 20\nat fair value\nNet impact of capitalised development 40 40\ncosts\n ----------- -----------\nIFRS profit before tax (continuing 2,682 3,393\noperations)\n\n\nSummary of IFRS impact on earnings per share for the year ended 30 November 2005\n(unaudited)\n\n Underlying* Statutory\n pence pence\nUK GAAP - earnings per share 4.3p (1.1)p\nIFRS - earnings per share\nBasic 3.6p 3.7p\nBasic - on continuing operations 3.6p 4.9p\n\n\nSummary of IFRS impact on the Balance Sheet (unaudited)\n\n 1 December 30 November 1 December\n 2004 2005 2005**\n £'000 £'000 £'000\nShareholders' funds under 30,472 33,305 33,305\nUK GAAP\nAdjustments (net of deferred tax)\nGoodwill amortisation and\ncurrency revaluation (1,798) 1,389 1,389\nFair value of long term debtor (105) (91) (91)\nRetirement benefit (4,810) (4,827) (4,827)\nprovision adjustment\nDividend 368 425 425\nDevelopment expenditure 43 71 71\nDeferred tax on share based - 26 26\npayments\nAdoption of IAS 39 - - (46)\n ----------- ----------- -----------\nShareholders' funds under 24,170 30,298 30,252\nIFRS\n\n\nNote 1 * Underlying performance is before goodwill amortisation an...