Interim Results
Gleeson(M J)Group PLC
31 March 2006
Friday 31 March 2006
M J GLEESON GROUP PLC
Interim Announcement
Gleeson (whose principal businesses are currently homes and regeneration,
development and investment property, and civil engineering for the water
industry) announces its results for the half year ended 31 December 2005. The
first half of Gleeson's financial year is traditionally much the weaker of the
two.
Six months ending / at 31 December 2005 2004
Revenue - continuing (£m) 179.3 174.6
Pre-tax profit - continuing (£m) 0.7 7.5
Earnings per share - continuing, diluted (p) 1.2 19.6
Dividend per share (p) 1.6 1.5
NAV per share (p) 287 308
•Today, the outcome of the Group's strategic review is also being
announced. Henceforth, focus will be on housing regeneration, commercial
property development, and strategic land trading.
•Although Homes and Regeneration made an operating loss of £1.2m (2004/05:
profit of £2.2m), it retains the potential to make the substantial profit
budgeted for the current year. The level of activity in the housing market
has seen a noticeable increase since Christmas, and housing regeneration
schemes are expected to make a material contribution to the second half
divisional result.
•Development and Investment Property also retains the potential to make
its budgeted profit contribution, albeit this will be less than what was
achieved last year.
•The Engineering Division has a strong and secure forward order book
through to 2010 from its six AMP 4 Alliances. In addition, the Division has
significant opportunities to secure single large contracts in AMP 4.
Enquiries:
M J Gleeson Group plc 020-8644 4321
Terry Massingham (Chief Executive)
Paul Wallwork (Finance Director)
Close Brothers Corporate Finance Limited
Peter Alcaraz 020-7655 3139
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
INTERIM STATEMENT
This Interim Announcement reports the Group's results for the half year to 31
December 2005. Comment is also made on prospects, in particular for the rest of
the year to 30 June 2006.
Reference should additionally be made to today's announcement of the outcome of
the Group's Strategic Review, which heralds a substantial change of direction to
focus on housing regeneration, commercial property development and strategic
land trading. The benefit of these changes will mainly be felt in future
financial years.
FINANCIAL REVIEW
The financial statements for the half year to 31 December 2005 are the first to
be prepared by the Group under International Financial Reporting Standards
('IFRS'). The comparative figures for the half year to 31 December 2004 and the
year to 30 June 2005, which were prepared under UK GAAP, have been restated
accordingly.
In the half year to 31 December 2005, on revenue of £179.3m (2004/05: £174.6m),
the operating profit was £2.0m (2004/05: £8.8m) and the pre-tax profit amounted
to £0.7m (2004/05: £7.5m). After tax of £0.1m (2004/05: credit of £2.3m) and a
loss for discontinued operations of £3.7m (2004/05: £15.4m), the loss for the
period totalled £3.1m (2004/05: £5.6m). This equates to a total loss per share
(diluted) of 5.9p (2004/05: 11.1p).
Period end equity totalled £147.9m (2004/05: £158.7m), equivalent to NAV per
share of 287p (2004/05: 308p). Net borrowings of £102.3m (2004/05: £88.6m) at
the period end, a seasonally high point, represented gearing of 69% (2004/05:
56%). Net finance costs, however, totalled £2.1m (2004/05: £3.0m).
INTERIM DIVIDEND
In the light of the Group's attractive prospects following implementation of the
Strategic Review, the Board has declared an interim dividend per share of 1.6p
(2004/05: 1.5p), up 6.7%, which will be paid on 30 June 2006 to shareholders on
the register at close of business on 2 June 2006, with an ex-dividend date of 31
May 2006.
OPERATING REVIEW
Homes and Regeneration
Homes and Regeneration made an operating loss of £1.2m (2004/05: profit of
£2.2m) on revenue of £46.4m (2004/05: £50.1m).
In the half year, a total of 245 units were sold (2004/05: 281) at an average
selling price of £176,000 (2004/05: £178,000). Of these, Homes accounted for 158
units (2004/05: 258) at an average selling price of £214,000 (2004/05: £201,000)
and Regeneration 87 units (2004/05: 23) at an average selling price of £107,000
(2004/05: £88,000). The performance of Homes reflected a difficult market in the
period with both margins and volumes under pressure. In addition, there has been
a change in the accrual rate for old site and maintenance costs, which has
resulted in the first half of the year being adversely impacted. This will be
recovered in the second half.
Development and Investment Property
Development and Investment Property made an operating profit of £1.8m (2004/05:
£1.6m) on revenue of nil (2004/05: £1.5m).
Rents from investment properties totalled £1.2m (2004/05: £2.3m), the reduction
reflecting the extensive sales made in the half year to 30 June 2005.
Construction Services (continuing)
The continuing elements of Construction Services made an operating profit of
£4.9m (2004/05: £7.1m) on revenue of £132.9m (2004/05: £123.0m).
Construction Services (discontinued)
The £3.7m (2005/05: £15.4m) loss in the period for this discontinued operation
reflects a re-assessment of the likely out-turn costs of the projects for which
the Group retains a liability, including the overheads involved in managing them
to conclusion.
POST-BALANCE SHEET EVENT
As announced on 24 March 2006, the Group disposed of Gleeson MCL Limited to
Morgan Sindall plc for a cash consideration of £23.3m. Gleeson MCL is a
construction services business involved in railway engineering contracting, in
particular work for and in partnership with London Underground Limited.
PROSPECTS
Homes and Regeneration
Despite Homes' modest first half, Homes and Regeneration retains the potential
to make the substantial profit budgeted for the current year.
The level of activity in the housing market has seen a noticeable increase since
Christmas, with sales in the last eight weeks 30% up on the same period a year
ago. Homes and Regeneration will, however, now do well to exceed last year's
unit sales of 726 (a 36% increase on the previous year).
Regeneration is currently on site at Beswick and Grove Village in Manchester, at
Norfolk Park in Sheffield and at Liverpool City Centre Inner Core South, and
these schemes are expected to make a material contribution to the second half
divisional result. Looking further ahead, Regeneration will benefit from schemes
at North Huyton on Merseyside, Burnley, Oldham and Doncaster, as well as from
its membership of the National Development Panel with which English Partnerships
proposes to develop its extensive portfolio of NHS sites across the country.
Together, these arrangements will provide the Group with a secure long-term flow
of activity.
Many new opportunities are arising and the Group expects to benefit from a
number of these in the coming months.
Development and Investment Property
Development and Investment Property also retains the potential to make its
budgeted profit contribution, albeit this will be less than what was achieved
last year.
At the period end, the Group had 16 schemes under development.
At the period end, the Group owned 13 investment properties with an aggregate
book value of £33.8m. Subsequently, terms have been agreed for the sale of one
substantial investment property and two other investment properties are
projected for sale before the year end.
Construction Services
The Engineering Division has a strong and secure forward order book through to
2010 from its AMP4 Alliances with Anglian Water, Northumbrian Water, Severn
Trent Water, South West Water, Thames Water and Yorkshire Water, as well as its
work for Scottish Water. The Division also has significant opportunities to
secure single large contracts in AMP4.
Dermot Gleeson
Chairman 31 March 2006
CONSOLIDATED INCOME STATEMENT
For the six months to 31 December 2005
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 December 31 December 30 June
2005 2004 2005
£000 £000 £000
Restated Restated
Continuing operations
Revenue 179,285 174,581 418,068
Cost of sales (160,656) (151,390) (358,605)
--------- --------- ---------
Gross profit 18,629 23,191 59,463
Other
operating
income 1,349 2,372 6,855
Administrative
expenses (17,448) (16,219) (31,817)
Share of
results of
joint ventures (518) (576) (765)
--------- --------- ---------
Operating
profit 2,012 8,768 33,736
Investment
revenues 764 1,761 11,061
Finance costs (2,091) (3,032) (6,577)
--------- --------- ---------
Profit before
tax 685 7,497 38,220
Tax (70) 2,359 4,622
--------- --------- ---------
---------
Profit for the
period from
continuing
operations 615 9,856 42,842
Discontinued operations
Loss for the
period from
discontinued
operations (3,665) (15,422) (51,609)
--------- --------- ---------
Loss for the
period (3,050) (5,566) (8,767)
========= ========= =========
=========
Earnings/(loss) per share
Continuing operations
Basic 1.21p 19.38p 84.21p
Diluted 1.20p 19.62p 83.47p
Discontinued operations
Basic (7.19p) (30.33p) (101.45p)
Diluted (7.14p) (30.71p) (100.55p)
CONSOLIDATED BALANCE SHEET
At 31 December 2005
Unaudited Unaudited Unaudited
31 December 2005 31 December 2004 30 June 2005
£000 £000 £000
Restated Restated
Non-current assets
Goodwill 4,794 4,794 4,794
Property, plant and
equipment 11,826 22,927 20,602
Investment property 37,503 61,661 33,053
Investments in joint
ventures 1,362 1,951 1,876
Other investments 11,308 2,016 4,123
Deferred tax assets 5,173 1,253 4,946
---------- ----------- ----------
71,966 94,602 69,394
========== =========== ==========
Current assets
Inventories 175,064 179,883 176,089
Trade and other
receivables 140,973 127,906 129,960
Cash and cash equivalents 63 92 70
---------- ----------- ----------
316,100 307,881 306,119
========== =========== ==========
Assets held for sale 12,672 - 12,252
---------- ----------- ----------
Total assets 400,738 402,483 387,765
========== =========== ==========
Current liabilities
Bank overdrafts (102,339) (88,740) (60,819)
Trade and other payables (136,574) (155,075) (136,379)
UK corporation tax (5,582) - (5,598)
Liabilities directly
associated with assets
classified as held for
sale (8,364) - (33,620)
---------- ----------- ----------
Total liabilities (252,859) (243,815) (236,416)
========== =========== ==========
---------- ----------- ----------
Net assets 147,879 158,668 151,349
========== =========== ==========
Equity
Called up share capital 1,029 1,029 1,029
Share premium account 3,762 3,762 3,762
Capital redemption
reserve 120 120 120
Equity reserve 6,028 3,974 5,108
Revaluation reserve 3,158 3,541 2,715
Retained earnings 133,782 146,242 138,615
---------- ----------- ----------
Total equity 147,879 158,668 151,349
========== =========== ==========
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 31 December 2005
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 December 31 December 30 June
2005 2004 2005
£000 £000 £000
Restated Restated
Net cash flow
from operating
activities (33,171) (24,400) (24,725)
Investing activities
Purchase of
investment in
joint ventures - - (25)
Purchase of
subsidiary
undertakings - - (8,467)
Net cash
acquired with
subsidiary
undertakings - - 2,071
Interest
received 738 258 697
Rents received 1,326 2,372 4,743
Purchase of
property,
plant and
equipment (3,122) (4,771) (7,183)
Proceeds on
disposal of
property,
plant and
equipment 8,225 521 1,599
Proceeds on
disposal of
investment
properties 1,865 7,800 46,259
Proceeds on
disposal of
investments 737 1,364 2,058
Net investment
(loans)/receip
ts (3,177) 196 (1,911)
Sale of
business
assets (14,678) - -
---------- ----------- ----------
Net cash used
in investing
activities (8,086) 7,740 39,841
Financing activities
(Purchase)/sal
e of own
shares (270) - 71
Dividends paid - (54) (4,002)
---------- ----------- ----------
Net cash used
in financing
activities (270) (54) (3,931)
Net
(decrease)/inc
rease in cash
and cash
equivalents (41,527) (16,714) 11,185
Cash and cash
equivalents at
beginning of
period (60,749) (71,934) (71,934)
---------- ----------- ----------
Cash and cash
equivalents at
end of period (102,276) (88,648) (60,749)
---------- ----------- ----------
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 December 31 December 30 June
2005 2004 2005
£000 £000 £000
Loss for
period (3,050) (5,566) (8,767)
---------- ---------- ----------
Revaluation of
property,
plant and
equipment (204) (65) (66)
Deferred tax
on revaluation
of property, 54 132 (132)
plant and equipment
---------- ---------- ----------
Net
(losses)/gains
not recognised
in the (150) 67 (198)
income statement
========== ========== ==========
Total
recognised
expense for
the period (3,200) (5,499) (8,965)
attributable to equity
shareholders ========== ========== ==========
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 December 31 December 30 June
2005 2004 2005
£000 £000 £000
Opening
shareholders'
equity 151,349 164,167 164,167
Revaluation of
property,
plant and
equipment (204) (65) (66)
Deferred
taxation on
revaluation of
property, 54 132 (132)
plant and equipment
Employees'
award scheme (270) - 71
Loss for the
period (3,050) (5,566) (8,767)
Dividends - - (3,924)
----------- ---------- ----------
Closing
shareholders'
equity 147,879 158,668 151,349
=========== ========== ==========
Notes to the Interim Report
1. Basis of preparation
European Union (EU) law requires that the next annual financial statements of
the Group, for the year ending 30 June 2006, be prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU (adopted
IFRS). This Interim financial information has been prepared on the basis of the
recognition and measurement requirements of IFRS in issue that are either
endorsed by the EU and effective (or available for early adoption) at 30 June
2006 or are expected to be endorsed and effective (or available for early
adoption) at 30 June 2006.
Based on these adopted and unadopted IFRS, the Directors have made assumptions
about the accounting policies expected to be applied, which are as set out
below, for the year ending 30 June 2006. In addition, the adopted IFRS that will
be effective (or available for early adoption) in the financial statements for
the year ending 30 June 2006 are still subject to change and to additional
interpretations and therefore cannot be determined with certainty. Accordingly,
the accounting policies for that annual period will be determined finally only
when the financial statements are prepared for the year ending 30 June 2006. The
results for the six months to 31 December 2005 and the comparative figures for
the six months to 31 December 2004 are unaudited.
The comparative figures for the year ended 30 June 2005 are not the Company's
statutory accounts for that financial year. Those accounts, which were prepared
under UK Generally Accepted Accounting Practice (GAAP), have been reported on by
the Company's auditors and delivered to the Registrar of Companies. The report
of the auditors was unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985.
The comparative figures for the six months ended 31 December 2004 and for the
year ended 30 June 2005 have been restated for the adoption of IFRS. The
principal differences between UK GAAP and IFRS for the Group are set out in note
2(a). Note 2(b) sets out the effect of International Accounting Standard (IAS)
32 and IAS 39 on M J Gleeson Group plc.
IFRS transitional information is shown in note 6.
2. Accounting policies
Details of significant amendments to the Group's accounting policies (as set out
in the Report and Accounts for the year ended 30 June 2005) resulting from the
adoption of IFRS are included in notes (a) and (b). With the exception of those
changes detailed therein, the accounting policies used are consistent with those
disclosed in the Report and Accounts for the year ended 30 June 2005.
(a) Principal differences between UK GAAP and IFRS
There are seven principal differences which give rise to changes in the Group's
reported profits and losses and net assets as set out in the Report and Accounts
for the year ended 30 June 2005 and Interim Report 2005 for the six months ended
31 December 2004. These are categorised as follows:
i) Sales and marketing costs
ii) Deferred land payments
ii) Property transactions
iii) Lease incentives
iv) Property revaluations
v) Provisions (disclosure item)
vi) Other adjustments, including:
proposed dividends
deferred taxation
share-based payments
joint ventures
goodwill and intangible assets
i) Sales and marketing costs
Under UK GAAP, sales and marketing costs for the Homes and Regeneration and
Property Divisions are capitalised in site work in progress and written off
through cost of sales as the site progresses. Under IAS 2 'Inventories', costs
relating to sales and marketing activities are required to be written off as
incurred.
ii) Deferred land payments
Under UK GAAP, deferred land payments (land creditors) are included in
'creditors' at their gross value. Under IAS 2 'Inventories', imputed interest is
recognised on deferred land payments with the result that the land creditors are
carried in the balance sheet at net present value and the value of land held on
the balance sheet in inventories is reduced. The unwinding of the imputed
interest (or discount) on land creditors is charged to finance cost and the
reduction in land values in inventories will result in an eventual reduction in
cost of sales as the land is traded out. Land debtors are also recognised at net
present value with the unwinding of the imputed interest (or discount) on land
debtors credited to net finance costs.
iii) Property transactions
Under UK GAAP, where property developments are sold in advance of construction,
turnover and profit are recognised over the life of the contract in accordance
with Statement of Standard Accounting Practice (SSAP) 9 'Stocks and Long-Term
Contracts.' Under IAS 18 'Revenue', where property developments are sold in
advance of construction being completed, revenue and profit are recognised from
the point of sale, and as the significant outstanding acts of construction and
development are completed.
iv) Lease incentives
Under UK GAAP, lease incentives were spread to the first break clause of the
lease. Under IAS 17 'Leases', lease incentives must be spread over the total
period of the lease.
v) Property revaluations
Under UK GAAP, property revaluations were taken to the revaluation reserve and
on disposal the balance was shown as a reserve movement. Under IAS 40
'Investment Property', revaluation movements are taken to the face of the income
statement rather than reserves and deferred taxation provided.
vi) Provisions (disclosure item)
Under UK GAAP, provisions for losses on long-term contracts were either deducted
from work in progress or included in creditors depending on the circumstances.
Under IAS 11 'Construction Contracts', this is now disclosed under two headings
- Amounts due from customers for contract work or Amounts due to customers for
contract work.
vii) Other adjustments
Other changes to accounting policies that have an impact on restated net assets
and profit and losses under IFRS are as follows:
•Proposed dividends
Under UK GAAP as applicable for the year ended 30 June 2005, proposed dividends
were recognised as a liability in the period to which they relate. Under IAS 10
'Events after the Balance Sheet Date', dividends are not recognised as a
liability until they are appropriately authorised and no longer at the
discretion of the Company.
•Deferred taxation
IAS 12 'Income Taxes' requires deferred tax to be recognised on all temporary
differences and not just timing differences as previously under UK GAAP.
Deferred tax liabilities are recognised in full, but deferred tax assets are
only recognised if future taxable profits are available to cover the assets.
•Share-based payments
As permitted by the exemption from retrospective application in IFRS 1, the
Group has adopted IFRS 2 'Share-based Payments' for all payments granted after 7
November 2002. This requires that share-based payments granted after that date
should be valued at the fair value of the shares at the date of grant and
recognised as an expense over the vesting period. This affects the Sharesave and
Long-Term Incentive Plan schemes. The fair value of these shares at date of
award is calculated using the Black Scholes model.
•Joint ventures (disclosure item)
Under IFRS, the results of joint ventures may be accounted for either under the
net equity method or proportional consolidation. The Group reported its joint
ventures under UK GAAP using the net equity method and has opted to continue to
follow this method. Under the net equity method, trading results from joint
ventures are shown net of tax within profit before tax. This has no impact on
net assets or on profit after tax.
•Goodwill and intangible assets
Under UK GAAP, goodwill is amortised on a straight line basis over its useful
economic life (in the case of M J Gleeson Group plc, for up to 20 years), tested
for impairment and provided for as necessary. Under IFRS 3 'Business
Combinations', goodwill is no longer amortised but is carried at cost and
subject to annual review for impairment at 30 June. It is effectively frozen at
30 June 2004 with amounts amortised subsequently under UK GAAP being reinstated.
(b) Other differences between UK GAAP and IFRS
i) Financial instruments
The recognition, measurement and presentation of financial instruments is dealt
with under IAS 32 and IAS 39. Under UK GAAP, there was no comprehensive standard
which addressed the accounting for financial instruments as applicable for the
year ended 30 June 2005. Financial Reporting Standard (FRS) 13 'Derivatives and
other financial instruments' in the UK required disclosures to be made in
respect of financial instruments but these were less comprehensive than IAS 32
and IAS 39.
The Group's IFRS accounting policies under IAS 32 and IAS 39 are as follows:
• The Group and its joint ventures use derivative financial instruments
to hedge their exposure to interest rate risks. In accordance with its treasury
policy, the Group does not hold derivative financial instruments for trading
purposes; however, derivatives that do not qualify for hedge accounting are
accounted for as trading instruments.
• Derivatives are initially recognised at cost on the date that the
contract is entered into and subsequently re-measured in future periods at their
fair value. The gain or loss on re-measurement to fair value is recognised
immediately through the income statement.
• A number of the Group's PFI joint ventures have entered into interest
rate derivatives as a means of hedging interest rate risk under cash flow
hedges, which are initially recognised at fair value. The effective part of the
change in fair value of these derivatives is recognised directly in equity. Any
ineffective portion is recognised immediately in the income statement. Amounts
accumulated in equity are recycled to the income statement in the periods when
the hedged items will affect profit or loss. The fair value of interest rate
derivatives is the estimated amount that the Group would receive or pay to
terminate the derivative at the balance sheet date.
3. Segmental analysis
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 December 31 December 30 June
2005 2004 2005
£000 £000 £000
Restated Restated
Analysis of revenue on operations:
Continuing:
Homes - United
Kingdom 46,432 50,076 159,036
Property -
United Kingdom - 1,475 3,999
---------- --------- --------
46,432 51,551 163,035
Construction Services:
United Kingdom 132,829 122,443 254,236
Jersey 24 587 797
---------- --------- --------
132,853 123,030 255,033
---------- --------- --------
179,285 174,581 418,068
---------- --------- --------
Discontinued:
Construction
Services 8,758 91,697 171,277
---------- --------- --------
Profit/(loss) on activities:
Continuing:
Homes (1,189) 2,150 16,366
Property 1,806 1,632 7,970
Construction
Services 4,867 7,110 13,605
Central costs (2,954) (1,548) (3,440)
Joint ventures (518) (576) (765)
---------- --------- --------
2,012 8,768 33,736
---------- --------- --------
Discontinued:
Construction
Services (3,665) (15,422) (51,609)
---------- --------- --------
Investment
income 764 1,761 11,061
Finance costs (2,091) (3,032) (6,577)
---------- --------- --------
Loss before
tax (2,980) (7,925) (13,389)
Tax (70) 2,359 4,622
---------- --------- --------
Loss for the
period from
continuing
operations (3,050) (5,566) (8,767)
---------- --------- --------
4. Notes to the consolidated cash flow statement
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 December 31 December 30 June
2005 2004 2005
£000 £000 £000
Restated Restated
Operating
profit 2,012 8,768 33,736
Adjusted for: 1,673 2,778 5,421
Depreciation of property, plant and
equipment
Profit on
disposal of
property,
plant and
equipment (3,649) (288) (583)
Loss on
discontinued
operations (3,665) (15,422) (44,153)
Share of loss
of joint
ventures 518 576 765
Restructuring
costs 2,166 - (4,252)
Other
operating
income (1,349) (2,372) (6,855)
---------- --------- ---------
Operating cash
flows before
movements in
working
capital (2,294) (5,960) (15,921)
Decrease/(incr
ease) in
inventories 2,583 (323) 13,473
Increase in
receivables (27,701) (8,650) (10,755)
Decrease in
payables (1,784) (5,945) (2,437)
---------- --------- ---------
Cash utilised
from
operations (29,196) (20,878) (15,640)
Income taxes
paid (827) (1,726) (4,248)
Interest paid (3,148) (1,796) (4,837)
---------- --------- ---------
Net cash flow
from operating
activities (33,171) (24,400) (24,725)
---------- --------- ---------
5. Post balance sheet event
On 24 March 2006, the Group announced the disposal of its wholly-owned
subsidiary, Gleeson MCL, for a total consideration of £23.3 million.
Consideration comprised £15.2 million for goodwill and £8.1 million for
estimated net assets at completion, subject to a completion accounts process.
The estimated net assets disposed of included cash of £4.8m. Accordingly, the
Group's balance sheet as at 31 December 2005 shows the net assets as being held
for sale (except for cash and cash equivalents and bank overdrafts).
6. Reconciliations on transition to IFRS
(a) Unaudited income statement reconciliation for the six months to 31 December
2005
Unaudited IAS 10 IAS 11 IAS 12 IAS 17
UK GAAP Post Construction Income Accounting
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000
Continuing
operations
Revenue 178,835 - - - -
Cost of sales (162,624) - 1,917 - -
Gross profit 16,211 - 1,917 - -
Other operating 1,326 - - - 23
income
Administrative (15,377) - (2,142) - -
expenses
Share of (454) - - - -
results of
joint ventures
Operating 1,706 - (225) - 23
profit
Investment 764 - - - -
revenues
Finance costs (2,036) - - - -
Profit before 434 - (225) - 23
tax
Tax (251) - - 221 -
Profit for the 183 - (225) 221 23
period from
continuing
operations
Discontinued
operations
Loss for the (3,665) - - - -
period from
discontinued
operations
Loss for the (3,482) - (225) 221 23
period
Dividends (821) 821 - - -
(4,303) 821 (225) 221 23
6. Reconciliations on transition to IFRS
(a) Unaudited income statement reconciliation for the six months to 31 December
2005
IAS 18 IAS 31 IAS 38 IAS 39 IAS 40
Revenue Interest Intangible Financial Revaluation
in joint assets instruments: of
ventures recognition investment
and properties
measurement
£000 £000 £000 £000 £000
Continuing
operations
Revenue 450 - - - -
Cost of sales (10) - - 61 -
Gross profit 440 - - 61 -
Other - - - - -
operating
income
Administrative - - 154 - -
expenses
Share of - (79) - 15 -
results of
joint ventures
Operating 440 (79) 154 76 -
profit
Investment - - - - -
revenues
Finance costs - - - (55) -
Profit before 440 (79) 154 21 -
tax
Tax - - - 8 -
Profit for the 440 (79) 154 29 -
period from
continuing
operations
Discontinued
operations
Loss for the - - - - -
period from
discontinued
operations
Loss for the 440 (79) 154 29 -
period
Dividends - - - - -
440 (79) 154 29 -
6. Reconciliations on transition to IFRS
(a) Unaudited income statement reconciliation for the six months to 31 December
2005
IFRS 2 Unaudited
Share-based Taxation IFRS
payments effect of
transition
£000 £000 £000
Continuing
operations
Revenue - - 179,285
Cost of sales - - (160,656)
Gross profit - - 18,629
Other - - 1,349
operating
income
Administrative (83) - (17,448)
expenses
Share of - - (518)
results of
joint ventures
Operating (83) - 2,012
profit
Investment - - 764
revenues
Finance costs - - (2,091)
Profit before (83) - 685
tax
Tax - (48) (70)
Profit for the (83) (48) 615
period from
continuing
operations
Discontinued
operations
Loss for the - - (3,665)
period from
discontinued
operations
Loss for the (83) (48) (3,050)
period
Dividends - - -
(83) (48) (3,050)
6. Reconciliations on transition to IFRS
(b) Unaudited balance sheet reconciliation at 31 December 2005
Unaudited IAS 10 IAS 11 IAS 12 IAS 17 IAS 18
UK GAAP Post Construction Income Accounting Revenue
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000 £000
Non-current assets
Goodwill 4,333 - - - - -
Property, plant and 11,826 - - - - -
equipment
Investment property 37,503 - - - - -
Investments in joint 1,605 - - - - -
ventures
Other investments 11,308 - - - - -
Deferred tax assets - - - 366 - -
66,575 - - 366 - -
Current assets
Inventories 178,119 - (2,142) - - -
Trade and other 146,273 - - - 366 -
receivables
Cash and cash 63 - - - - -
equivalents
324,455 - (2,142) - 366 -
Assets held for sale 12,672 - - - - -
Total assets 403,702 - (2,142) 366 366 -
Current liabilities
Bank overdrafts (102,339) - - - - -
Trade and other (137,728) - - - - -
payables
UK corporation tax (5,582) - - - - -
Liabilities directly (8,364) - - - - -
associated with
assets classified as
held for sale
Dividends (4,129) 4,129 - - - -
Total liabilities (258,142) 4,129 - - - -
Net assets 145,560 4,129 (2,142) 366 366 -
Equity
Called up share 1,029 - - - - -
capital
Share premium 3,762 - - - - -
account
Capital redemption 120 - - - - -
reserve
Equity reserve - - - - - -
Revaluation reserve 4,512 - - (34) - -
Retained earnings 136,137 4,129 (2,142) 400 366 -
Total equity 145,560 4,129 (2,142) 366 366 -
6. Reconciliations on transition to IFRS
(b) Unaudited balance sheet reconciliation at 31 December 2005
IAS 31 IAS 37 IAS 38 IAS 39 IAS 40
Interest Provisions Intangible Financial Revaluation
in joint assets instruments: of
ventures recognition investment
and properties
measurement
£000 £000 £000 £000 £000
Non-current assets
Goodwill - - 461 - -
Property, plant and - - - - -
equipment
Investment property - - - - -
Investments in joint - - - (243) -
ventures
Other investments - - - - -
Deferred tax assets - - - - -
- - 461 (243) -
Current assets
Inventories - - - (913) -
Trade and other - (1,750) - (316) -
receivables
Cash and cash - - - - -
equivalents
- (1,750) - (1,229) -
Assets held for sale - - - - -
Total assets - (1,750) 461 (1,472) -
Current liabilities
Bank overdrafts - - - - -
Trade and other - 1,750 - (596) -
payables
UK corporation tax - - - - -
Liabilities directly - - - - -
associated with
assets classified as
held for sale
Dividends - - - - -
Total liabilities - 1,750 - (596) -
Net assets - - 461 (2,068) -
Equity
Called up share - - - - -
capital
Share premium - - - - -
account
Capital redemption - - - - -
reserve
Equity reserve - - - - -
Revaluation reserve (179) - - - (1,141)
Retained earnings 179 - 461 (2,068) 1,141
Total equity - - 461 (2,068) -
6. Reconciliations on transition to IFRS
(b) Unaudited balance sheet reconciliation at 31 December 2005
IFRS 2 Unaudited
Share-based Taxation Reclassification IFRS
payments effect of
transition
£000 £000 £000 £000
Non-current assets
Goodwill - - - 4,794
Property, plant and - - - 11,826
equipment
Investment property - - - 37,503
Investments in joint - - - 1,362
ventures
Other investments - - - 11,308
Deferred tax assets - 999 3,808 5,173
- 999 3,808 71,966
Current assets
Inventories - - - 175,064
Trade and other 208 - (3,808) 140,973
receivables
Cash and cash - - - 63
equivalents
208 - (3,808) 316,100
Assets held for sale - - - 12,672
Total assets 208 999 - 400,738
Current liabilities
Bank overdrafts - - - (102,339)
Trade and other - - - (136,574)
payables
UK corporation tax - - - (5,582)
Liabilities directly - - - (8,364)
associated with
assets classified as
held for sale
Dividends - - - -
Total liabilities - - - (252,859)
Net assets 208 999 - 147,879
Equity
Called up share - - - 1,029
capital
Share premium - - - 3,762
account
Capital redemption - - - 120
reserve
Equity reserve 6,028 - - 6,028
Revaluation reserve - - - 3,158
Retained earnings (5,820) 999 - 133,782
Total equity 208 999 - 147,879
6. Reconciliations on transition to IFRS
(c) Unaudited income statement reconciliation for the year to 30 June 2005
Audited IAS 10 IAS 11 IAS 12 IAS 17
UK GAAP Post Construction Income Accounting
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000
Continuing
operations
Revenue 418,591 - - - -
Cost of sales (363,286) - 4,525 - -
Gross profit 55,305 - 4,525 - -
Other 4,743 - - - 40
operating
income
Administrative (27,067) - (4,796) - -
expenses
Share of (363) - - - -
results of
joint ventures
Operating 32,618 - (271) - 40
profit
Investment 11,061 - - - -
revenues
Finance costs (5,255) - - - -
Profit before 38,424 - (271) - 40
tax
Tax 4,235 - - (375) -
Profit for the 42,659 - (271) (375) 40
period from
continuing
operations
Discontinued
operations
Loss for the (51,609) - - - -
period from
discontinued
operations
Loss for the (8,950) - (271) (375) 40
period
Dividends (4,080) 156 - - -
(13,030) 156 (271) (375) 40
6. Reconciliations on transition to IFRS
(c) Unaudited income statement reconciliation for the year to 30 June 2005
IAS 18 IAS 31 IAS 38 IAS 39 IAS 40
Revenue Interest Intangible Financial Revaluation
in joint assets instruments: of
ventures recognition investment
and properties
measurement
£000 £000 £000 £000 £000
Continuing
operations
Revenue - - - (523) -
Cost of sales - - - 156 -
Gross profit - - - (367) -
Other - - - - 2,072
operating
income
Administrative - - 307 - -
expenses
Share of - (23) 379 -
results of
joint ventures
Operating - (23) 307 (746) 2,072
profit
Investment - - - - -
revenues
Finance costs - - - (1,322) -
Profit before - (23) 307 (2,068) 2,072
tax
Tax - - - 127 -
Profit for the - (23) 307 (1,941) 2,072
period from
continuing
operations
Discontinued
operations
Loss for the - - - - -
period from
discontinued
operations
Loss for the - (23) 307 (1,941) 2,072
period
Dividends - - - - -
- (23) 307 (1,941) 2,072
6. Reconciliations on transition to IFRS
(c) Unaudited income statement reconciliation for the year to 30 June 2005
IFRS 2 Unaudited
Share-based Taxation IFRS
payments effect of
transition
£000 £000 £000
Continuing
operations
Revenue - - 418,068
Cost of sales - - (358,605)
Gross profit - - 59,463
Other - - 6,855
operating
income
Administrative (261) - (31,817)
expenses
Share of - - (765)
results of
joint ventures
Operating (261) - 33,736
profit
Investment - - 11,061
revenues
Finance costs - - (6,577)
Profit before (261) - 38,220
tax
Tax - 635 4,622
Profit for the (261) 635 42,842
period from
continuing
operations
Discontinued
operations
Loss for the - - (51,609)
period from
discontinued
operations
Loss for the (261) 635 (8,767)
period
Dividends - - (3,924)
(261) 635 (12,691)
6. Reconciliations on transition to IFRS
(d) Unaudited balance sheet reconciliation at 30 June 2005
Audited IAS 10 IAS 11 IAS 12 IAS 17
UK GAAP Post Construction Income Accounting
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000
Non-current
assets
Goodwill 4,487 - - - -
Property, plant 20,602 - - - -
and equipment
Investment 33,053 - - - -
property
Investments in 2,142 - - - -
joint ventures
Other investments 4,123 - - - -
Deferred tax - - - 91 -
assets
64,407 - - 91 -
Current assets
Inventories 178,970 - (1,917) - -
Trade and other 135,157 - - - 343
receivables
Cash and cash 70 - - - -
equivalents
314,197 - (1,917) - 343
Assets held for 12,252 - - - -
sale
Total assets 390,856 - (1,917) 91 343
Current
liabilities
Bank overdrafts (60,819) - - - -
Trade and other (137,095) - - - -
payables
UK corporation (5,598) - - - -
tax
Liabilities (33,620) - - - -
directly
associated
with assets
classified as
held for sale
Dividends (3,308) 3,308 - - -
Total liabilities (240,440) 3,308 - - -
Net assets 150,416 3,308 (1,917) 91 343
Equity
Called up share 1,029 - - - -
capital
Share premium 3,762 - - - -
account
Capital 120 - - - -
redemption
reserve
Equity reserve - - - - -
Revaluation 4,841 - - (88) -
reserve
Retained earnings 140,664 3,308 (1,917) 179 343
Total equity 150,416 3,308 (1,917) 91 343
6. Reconciliations on transition to IFRS
(d) Unaudited balance sheet reconciliation at 30 June 2005
IAS 18 IAS 31 IAS 37 IAS 38 IAS 39
Revenue Interest in Provisions Intangible Financial
joint assets instruments:
ventures recognition
and
measurement
£000 £000 £000 £000 £000
Non-current
assets
Goodwill - - - 307 -
Property, plant - - - - -
and equipment
Investment - - - - -
property
Investments in - - - - (266)
joint ventures
Other investments - - - - -
Deferred tax - - - - -
assets
- - - 307 (266)
Current assets
Inventories 10 - - - (974)
Trade and other - - (1,500) - (523)
receivables
Cash and cash - - - - -
equivalents
10 - (1,500) - (1,497)
Assets held for - - - - -
sale
Total assets 10 - (1,500) 307 (1,763)
Current
liabilities
Bank overdrafts - - - - -
Trade and other (450) - 1,500 - (334)
payables
UK corporation - - - - -
tax
Liabilities - - - - -
directly
associated
with assets
classified as
held for sale
Dividends - - - - -
Total liabilities (450) - 1,500 - (334)
Net assets (440) - - 307 (2,097)
Equity
Called up share - - - - -
capital
Share premium - - - - -
account
Capital - - - - -
redemption
reserve
Equity reserve - - - - -
Revaluation - (258) - - -
reserve
Retained earnings (440) 258 - 307 (2,097)
Total equity (440) - - 307 (2,097)
6. Reconciliations on transition to IFRS
(d) Unaudited balance sheet reconciliation at 30 June 2005
IAS 40 IFRS 2 Unaudited
Revaluation Share-based Taxation Reclassification IFRS
of payments effect of
investment transition
properties
£000 £000 £000 £000 £000
Non-current
assets
Goodwill - - - - 4,794
Property, plant - - - - 20,602
and equipment
Investment - - - - 33,053
property
Investments in - - - - 1,876
joint ventures
Other investments - - - - 4,123
Deferred tax - - 1,047 3,808 4,946
assets
- - 1,047 3,808 69,394
Current assets
Inventories - - - - 176,089
Trade and other - 291 - (3,808) 129,960
receivables
Cash and cash - - - - 70
equivalents
- 291 - (3,808) 306,119
Assets held for - - - - 12,252
sale
Total assets - 291 1,047 - 387,765
Current
liabilities
Bank overdrafts - - - - (60,819)
Trade and other - - - - (136,379)
payables
UK corporation - - - - (5,598)
tax
Liabilities - - - - (33,620)
directly
associated
with assets
classified as
held for sale
Dividends - - - - -
Total liabilities - - - - (236,416)
Net assets - 291 1,047 - 151,349
Equity
Called up share - - - - 1,029
capital
Share premium - - - - 3,762
account
Capital - - - - 120
redemption
reserve
Equity reserve - 5,108 - - 5,108
Revaluation (1,780) - - - 2,715
reserve
Retained earnings 1,780 (4,817) 1,047 - 138,615
Total equity - 291 1,047 - 151,349
6. Reconciliations on transition to IFRS
(e) Unaudited income statement reconciliation for the six months to 31 December
2004
Unaudited IAS 10 IAS 11 IAS 12 IAS 17
UK GAAP Post Construction Income Accounting
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000
Continuing operations
Revenue 174,581 - - - -
Cost of sales (153,413) - 1,987 - -
Gross profit 21,168 - 1,987 - -
Other operating income 2,340 - - - 32
Administrative expenses (13,909) - (2,370) - -
Share of results of (171) - - - -
joint ventures
Operating profit 9,428 - (383) - 32
Investment revenues 1,761 - - - -
Finance costs (2,461) - - - -
Profit before tax 8,728 - (383) - 32
Tax 2,407 - - (342) -
Profit for the period 11,135 - (383) (342) 32
from continuing
operations
Discontinued operations
Loss for the period from (15,422) - - - -
discontinued operations
Loss for the period (4,287) - (383) (342) 32
Dividends (772) 772 - - -
(5,059) 772 (383) (342) 32
6. Reconciliations on transition to IFRS
(e) Unaudited income statement reconciliation for the six months to 31 December
2004
IAS 18 IAS 31 IAS 38 IAS 39
Revenue Interest Intangible Financial
in joint assets instruments:
ventures recognition
and
measurement
£000 £000 £000 £000
Continuing operations
Revenue - - - -
Cost of sales - - - 36
Gross profit - - - 36
Other operating income - - - -
Administrative expenses - - 154 -
Share of results of joint - (50) - (355)
ventures
Operating profit - (50) 154 (319)
Investment revenues - - - -
Finance costs - - - (571)
Profit before tax - (50) 154 (890)
Tax - - - -
Profit for the period - (50) 154 (890)
from continuing
operations
Discontinued operations
Loss for the period from - - - -
discontinued operations
Loss for the period - (50) 154 (890)
Dividends - - - -
- (50) 154 (890)
6. Reconciliations on transition to IFRS
(e) Unaudited income statement reconciliation for the six months to 31 December
2004
IAS 40 IFRS 2 Unaudited
Revaluation Share-based Taxation IFRS
of payments effect of
investment transition
properties
£000 £000 £000 £000
Continuing operations
Revenue - - - 174,581
Cost of sales - - - (151,390)
Gross profit - - - 23,191
Other operating income - - - 2,372
Administrative expenses - (94) - (16,219)
Share of results of - - - (576)
joint ventures
Operating profit - (94) - 8,768
Investment revenues - - - 1,761
Finance costs - - - (3,032)
Profit before tax - (94) - 7,497
Tax - - 294 2,359
Profit for the period - (94) 294 9,856
from continuing
operations
Discontinued operations
Loss for the period from - - - (15,422)
discontinued operations
Loss for the period - (94) 294 (5,566)
Dividends - - - -
- (94) 294 (5,566)
6. Reconciliations on transition to IFRS
(f) Unaudited balance sheet reconciliation at 31 December 2004
Unaudited IAS 10 IAS 11 IAS 12 IAS 17 IAS 18
UK GAAP Post Construction Income Accounting Revenue
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000 £000
Non-current
assets
Goodwill 4,640 - - - - -
Property, plant 22,927 - - - - -
and equipment
Investment 61,661 - - - - -
property
Investments in 2,320 - - - - -
joint ventures
Other investments 2,016 - - - - -
Deferred tax - - - 389 - -
assets
93,564 - - 389 - -
Current assets
Inventories 182,765 - (2,029) - - 10
Trade and other 128,805 - - - 335 -
receivables
Cash and cash 92 - - - - -
equivalents
311,662 - (2,029) - 335 10
Assets held for - - - - - -
sale
Total assets 405,226 - (2,029) 389 335 10
Current
liabilities
Bank overdrafts (88,740) - - - - -
Trade and other (156,344) - - - - (450)
payables
UK corporation - - - - - -
tax
Liabilities - - - - - -
directly
associated
with assets
classified as
held for sale
Dividends (3,924) 3,924 - - - -
Total liabilities (249,008) 3,924 - - - (450)
Net assets 156,218 3,924 (2,029) 389 335 (440)
Equity
Called up share 1,029 - - - - -
capital
Share premium 3,762 - - - - -
account
Capital 120 - - - - -
redemption
reserve
Equity reserve - - - - - -
Revaluation 7,881 - - 176 - -
reserve
Retained earnings 143,426 3,924 (2,029) 213 335 (440)
Total equity 156,218 3,924 (2,029) 389 335 (440)
6. Reconciliations on transition to IFRS
(f) Unaudited balance sheet reconciliation at 31 December 2004
IAS 31 IAS 37 IAS 38 IAS 39
Interest Provisions Intangible Financial
in joint assets instruments:
ventures recognition
and
measurement
£000 £000 £000 £000
Non-current assets
Goodwill - - 154 -
Property, plant - - - -
and equipment
Investment - - - -
property
Investments in - - - (369)
joint ventures
Other investments - - - -
Deferred tax - - - -
assets
- - 154 (369)
Current assets
Inventories - - - (863)
Trade and other - (1,533) - -
receivables
Cash and cash - - - -
equivalents
- (1,533) - (863)
Assets held for - - - -
sale
Total assets - (1,533) 154 (1,232)
Current
liabilities
Bank overdrafts - - - -
Trade and other - 1,533 - 186
payables
UK corporation tax - - - -
Liabilities - - - -
directly
associated
with assets
classified as held
for sale
Dividends - - - -
Total liabilities - 1,533 - 186
Net assets - - 154 (1,046)
Equity
Called up share - - - -
capital
Share premium - - - -
account
Capital redemption - - - -
reserve
Equity reserve - - - -
Revaluation (231) - - -
reserve
Retained earnings 231 - 154 (1,046)
Total equity - - 154 (1,046)
6. Reconciliations on transition to IFRS
(f) Unaudited balance sheet reconciliation at 31 December 2004
IAS 40 IFRS 2 Unaudited
Revaluation Share-based Taxation Reclassification IFRS
of payments effect of
investment transition
properties
£000 £000 £000 £000 £000
Non-current
assets
Goodwill - - - - 4,794
Property, plant - - - - 22,927
and equipment
Investment - - - - 61,661
property
Investments in - - - - 1,951
joint ventures
Other investments - - - - 2,016
Deferred tax - - 706 158 1,253
assets
- - 706 158 94,602
Current assets
Inventories - - - - 179,883
Trade and other - 457 - (158) 127,906
receivables
Cash and cash - - - - 92
equivalents
- 457 - (158) 307,881
Assets held for - - - - -
sale
Total assets - 457 706 - 402,483
Current
liabilities
Bank overdrafts - - - - (88,740)
Trade and other - - - - (155,075)
payables
UK corporation - - - - -
tax
Liabilities - - - - -
directly
associated
with assets
classified as
held for sale
Dividends - - - - -
Total liabilities - - - - (243,815)
Net assets - 457 706 - 158,668
Equity
Called up share - - - - 1,029
capital
Share premium - - - - 3,762
account
Capital - - - - 120
redemption
reserve
Equity reserve - 3,974 - - 3,974
Revaluation (4,285) - - - 3,541
reserve
Retained earnings 4,285 (3,517) 706 - 146,242
Total equity - 457 706 - 158,668
6. Reconciliations on transition to IFRS
(g) Unaudited balance sheet reconciliation at 1 July 2004
Audited IAS 10 IAS 11 IAS 12 IAS 17 IAS 18
UK GAAP Post Construction Income Accounting Revenue
balance contracts taxes for leases
sheet
dividends
£000 £000 £000 £000 £000 £000
Non-current
assets
Goodwill 4,794 - - - - -
Property, plant 23,173 - - - - -
and equipment
Investment 61,661 - - - - -
property
Investments in 2,423 - - - - -
joint ventures
Other investments 2,212 - - - - -
Deferred tax - - - 599 - -
assets
94,263 - - 599 - -
Current assets
Inventories 182,096 - (1,646) - - 10
Trade and other 133,423 - - - 303 -
receivables
Cash and cash 87 - - - - -
equivalents
315,606 - (1,646) - 303 10
Assets held for - - - - - -
sale
Total assets 409,869 - (1,646) 599 303 10
Current
liabilities
Bank overdrafts (72,021) - - - - -
Trade and other (166,793) - - - - (450)
payables
UK corporation (6,434) - - - - -
tax
Liabilities - - - - - -
directly
associated with
assets classified
as held for sale
Dividends (3,230) 3,152 - - - -
Total liabilities (248,478) 3,152 - - - (450)
Net assets 161,391 3,152 (1,646) 599 303 (440)
Equity
Called up share 1,029 - - - - -
capital
Share premium 3,762 - - - - -
account
Capital 120 - - - - -
redemption
reserve
Equity reserve - - - - - -
Revaluation 8,821 - - 44 - -
reserve
Retained earnings 147,659 3,152 (1,646) 555 303 (440)
Total equity 161,391 3,152 (1,646) 599 303 (440)
6. Reconciliations on transition to IFRS
(g) Unaudited balance sheet reconciliation at 1 July 2004
IAS 31 IAS 37 IAS 38 IAS 39 IAS 40
Interest Provisions Intangible Financial Revaluation
in joint assets instruments: of investment
ventures recognition properties
and
measurement
£000 £000 £000 £000 £000
Non-current
assets
Goodwill - - - -
-
Property, plant - - - - -
and equipment
Investment - - - - -
property
Investments in - - - (14) -
joint ventures
Other investments - - - - -
Deferred tax - - - - -
assets
- - - - -
Current assets
Inventories - - - (899) -
Trade and other - (3,148) - - -
receivables
Cash and cash - - - - -
equivalents
- (3,148) - (899) -
Assets held for - - - - -
sale
Total assets - (3,148) - (913) -
Current
liabilities
Bank overdrafts - - - - -
Trade and other - 3,148 - 757 -
payables
UK corporation - - - - -
tax
Liabilities - - - - -
directly
associated with
assets classified
as held for sale
Dividends - - - - -
Total liabilities - 3,148 - 757 -
Net assets - - - (156) -
Equity
Called up share - - - - -
capital
Share premium - - - - -
account
Capital - - - - -
redemption
reserve
Equity reserve - - - - -
Revaluation (281) - - - (4,848)
reserve
Retained earnings 281 - - (156) 4,848
Total equity - - - (156) -
6. Reconciliations on transition to IFRS
(g) Unaudited balance sheet reconciliation at 1 July 2004
IFRS 2 Unaudited
Share-based Taxation Reclassification IFRS
payments effect of
transition
£000 £000 £000 £000
Non-current
assets
Goodwill - - -- 4,794
Property, plant - - - 23,173
and equipment
Investment - - - 61,661
property
Investments in - - - 2,409
joint ventures
Other investments - - - 2,212
Deferred tax - 412 158 1,169
assets
- 412 158 95,418
Current assets
Inventories - - - 179,561
Trade and other 552 - (158) 130,972
receivables
Cash and cash - - - 87
equivalents
552 - (158) 310,620
Assets held for - - - -
sale
Total assets 552 412 - 406,038
Current
liabilities
Bank overdrafts - - - (72,021)
Trade and other - - - (163,338)
payables
UK corporation - - - (6,434)
tax
Liabilities - - - -
directly
associated with
assets classified
as held for sale
Dividends - - - (78)
Total liabilities - - - (241,871)
Net assets 552 412 - 164,167
Equity
Called up share - - - 1,029
capital
Share premium - - - 3,762
account
Capital - - - 120
redemption
reserve
Equity reserve 2,867 - - 2,867
Revaluation - - - 3,736
reserve
Retained earnings (2,315) 412 - 152,653
Total equity 552 412 - 164,167
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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