Preliminary Results - Part 2

Britvic plc
30 November 2006

PART 2 OF 2


34          Reconciliation of equity at 2 October 2005
                                                                                Effect of          
                                                                            transition to
                                                                   UK GAAP           IFRS           IFRS
                                                  Footnote              £m             £m             £m
Assets
Non-current assets
Property, plant and equipment                       (a)              261.8         (30.3)          231.5
Intangible assets                                 (a)&(b)             61.9           34.8           96.7
Trade and other receivables                         (i)                  -            2.4            2.4
Deferred income tax assets                          (f)                  -            2.7            2.7
                                                                     323.7            9.6          333.3
Current assets
Inventories                                                           37.9              -           37.9
Trade and other receivables                                          101.8              -          101.8
Cash and cash equivalents                                             19.4              -           19.4
                                                                     159.1              -          159.1
Total Assets                                                         482.8            9.6          492.4

Equity and Liabilities
Issued capital                                                      (12.3)              -         (12.3)
Share premium                                                       (25.4)              -         (25.4)
Revaluation reserve                                 (c)              (4.1)            4.1              -
Share option reserve                                (d)                  -          (0.8)          (0.8)
Other reserves                                  (a),(c)&(f)          (4.6)          (2.5)          (7.1)
Retained earnings                                   (h)               29.5          (6.1)           23.4
Total equity                                                        (16.9)          (5.3)         (22.2)
Non-current liabilities
Interest-bearing loans and borrowings                              (219.3)              -        (219.3)
Pension liability                                   (e)             (58.3)         (26.3)         (84.6)
Deferred income tax liabilities                     (f)             (22.7)           22.7              -
                                                                   (300.3)          (3.6)        (303.9)
Current liabilities
Trade and other payables                            (g)            (141.7)          (0.7)        (142.4)
Interest-bearing loans and borrowings                               (13.9)              -         (13.9)
Non-interest bearing loans and borrowings                            (2.8)              -          (2.8)
Income tax payable                                                   (7.2)              -          (7.2)
                                                                   (165.6)          (0.7)        (166.3)
Total Liabilities                                                  (465.9)          (4.3)        (470.2)
Total Equity and Liabilities                                       (482.8)          (9.6)        (492.4)

a)          Software costs of £25.2m treated as tangible fixed assets under UK GAAP have been reclassified
            as intangible fixed assets under IFRS.
            £5.1m of revalued leasehold land classified as a finance lease under UK GAAP has been
            reclassified as an operating lease under IFRS.
b)          Amortisation of £9.6m charged under UK GAAP for the period has been reversed under IFRS, as
            goodwill is not amortised under IFRS but instead is tested annually for impairment.
c)          The revaluation reserve recognised under UK GAAP has been reclassified as other reserves under
            IFRS, as the Group has elected, under IFRS 1, to retain UK GAAP carrying values of property,
            plant and equipment including revaluations as deemed cost at transition.
d)          IFRS 2 requires the fair value of option and share awards to be charged to the income statement
            over the vesting period.  The fair value is determined at the date of grant using an appropriate
            pricing model.  The Group have elected to take the exemption under IFRS 1 not to apply IFRS 2 to
            grants of equity instruments on or before 7 November 2002 that had vested prior to 1 January
            2005.
e)          Pension liabilities increased by £0.9m (net of deferred tax) under IFRS because the method of
            valuing pension scheme assets differs from UK GAAP.
            Deferred tax assets of £25.4m which were netted off against the related pension liabilities
            under UK GAAP are now included within the deferred tax headings on the face of the balance
            sheet.
f)          Adjustments to deferred tax relate to the recognition of:
     (i)    A deferred tax asset of £0.7m relating to the cost of share options granted to employees under
            IFRS.
     (ii)   A deferred tax liability of £2.0m in respect of certain revalued land under IFRS.
     (iii)  A deferred tax asset of £1.4m in respect of certain qualifying revalued buildings under IFRS.
     (iv)   A deferred tax asset of £0.2m relating to the cost of holiday pay accrued under IFRS.
     (v)    A deferred tax liability of £0.3m under IFRS, relating to goodwill amortised on assets acquired
            post April 2002, which is deductible for taxation purposes.
     (vi)   The reclassification of the deferred tax asset of £25.4m relating to the pension liability which
            is netted against the pension liability under UK GAAP, and the reclassification of the resulting
            deferred tax asset to non-pension items.
g)          Under IFRS, a liability is recognised for wages and salaries costs accrued in respect of untaken
            holiday at the balance sheet date.
h)          The adjustments to retained earnings are as follows:
                                                                                                      2005
                                                                                                        £m
Adjustments to profit for the period under IFRS (note 33)                                             (8.4)
Gross pension liability recognised on transition to IFRS                                               0.9
Deferred tax recognised on gross pension liability on transition to IFRS                              (0.3)
Increased actuarial losses for the period under IFRS                                                   0.3
Deferred tax on increased actuarial losses for the period under IFRS                                  (0.1)
Deferred tax recognised on transition to IFRS relating to share options granted to employees          (0.2)
Deferred tax recognised for the period under IFRS relating to share options granted to employees      (0.4)
Deferred tax recognised on transition to IFRS relating to the upward revaluation of certain land       2.0
Recognition of fair value of share options granted to employees under IFRS                             0.3
Movement on revaluation reserve under UK GAAP reclassified under IFRS                                 (0.3)
Recognition of operating lease rentals for land on transition to IFRS                                  0.1
Total emoluments                                                                                      (6.1)
i)         Lease premiums are treated as prepayments under IFRS and are released to the income statement
           over the term of the associated lease.

35         Events after the balance sheet date

Since 1 October 2006, in the opinion of the directors, there have been no other
significant events since the balance sheet date that require adjustment to, or
disclosure in the financial information.




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