Business
Impact of IFRS
Impact of IFRS.
About this update from Victoria Plc
[{"type":"text","content":"\n Victoria PLC\n11 November 2005\n\n\n\n\n\n\n\n\nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Friday, 11 November 2005\n Embargoed: 7.00am\n\n\n\n VICTORIA P.L.C. SUMMARISES THE IMPACT OF\n INTERNATIONAL FINANCIAL REPORTING STANDARDS\n\nVictoria P.L.C. is required to report its results for the first six months of\nthe year ending March 2006 using IFRS for the first time. The comparative data,\n(the results for the six months ended 2 October 2004 and for the year ended 2\nApril 2005) will also be reported under IFRS.\n\nThe interim report for the six months ended 1 October 2005 will be issued on 23\nNovember 2005. In advance of that, the impact of the conversion to IFRS on the\ncomparative data has been summarised in this announcement. The principal changes\non adopting IFRS in place of UK GAAP for the year ended 2 April 2005 are\nsummarised below:\n 2 April 2005\n UK GAAP IFRS\n £'000 £'000\n\nTurnover from continuing operations 49,880 49,444\nProfit before tax from continuing operations 3,071 3,026\nProfit attributable to equity shareholders 839 830\n\nShareholders funds 25,258 26,905\nNet borrowings 11,917 11,917\n\n p/share p/share\nBasic earnings per share 12.08 11.95\nUnderlying earnings per share 30.96 30.83\n\n• The adoption of IFRS has no cash impact.\n\n• Profit before tax is £45,000 lower due to:\n • Average exchange rate £(34,000)\n • Goodwill amortisation £3,000\n • Depreciation of buildings £37,000\n • Financial instruments £(51,000)\n\n• Shareholders funds increase by £1,647,000, including £799,000 as a result \n of the annual dividend being accounted for when paid, and £889,000 as a \n result of the property revaluation (net of deferred tax).\n\nUnderlying profits and earnings under UK GAAP and IFRS are stated before\nexceptional items and discontinued activities.\n\nIt is possible that further changes will be required to the comparative data\nbefore it is published in the interim report and in the financial statements for\nthe year ending 1 April 2006, as further interpretative guidance on the\nstandards may be issued.\n\nThe conversion to IFRS in respect of the Group's 2005 financial statement is set\nout in detail in a report that can be downloaded from the company's web-site at\nwww.victoria.plc.uk or can be obtained from Victoria P.L.C.'s registered office\nat Worcester Ro...