Adoption of IFRS - Part 2

Quarto Group Inc 02 September 2005 THE QUARTO GROUP, INC. ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS - PART 2 Appendix 2 - Reconciliations of reported UK GAAP financial statements to IFRS 2.1. IFRS Income statement for the year ended 31 December 2004 Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP balances *Reclassification Interest receivable UK GAAP balances in IFRS format in UK GAAP format Â£000 Â£000 Â£000 Turnover 79,835 - 79,835 Revenue Cost of (50,931) - (50,931) Cost of sales sales Gross 28,904 - 28,904 Gross profit profit Operating costs (21,710) - (21,710) Operating costs Operating profit/ Profit on ordinary activities before 7,194 - 7,194 Operating profit interest Net interest payable (1,169) (65) (1,234) Financial costs 65 65 Financial income Profit on ordinary activities before taxation 6,025 - 6,025 Profit before taxation Taxation (1,337) - (1,337) Taxation Profit for the 4,688 - 4,688 Profit for the period period Profit for - - - Profit for the period the period attributable to: attributable to: Minority interests 403 - 403 Minority interests Shareholders of the parent 4,285 - 4,285 Equity holders of the company parent company *This reflects changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.2 IFRS Income statement for the year ended 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IFRS 3 IAS 19 Share- Goodwill Intangible Employee based amort'n assets benefits payments reversal amort'n Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 79,835 - - - - Cost of sales (50,931) - - - - -------- ------- ------- ------- ------- Gross profit 28,904 - - - - Operating costs (21,710) (4) 376 (475) (50) -------- ------- ------- ------- ------- Operating profit 7,194 (4) 376 (475) (50) Financial costs (1,234) - - - - Financial income 65 - - - - -------- ------- ------- ------- ------- Profit before taxation 6,025 (4) 376 (475) (50) Taxation (1,337) 1 - 109 (1) -------- ------- ------- ------- ------- Profit for the period 4,688 (3) 376 (366) (51) -------- ------- ------- ------- ------- Profit for the period attributable to: Minority interests 403 - - - - Equity holders of the parent company 4,285 (3) 376 (366) (51) ------------------ -------- ------- ------- ------- ------- UK GAAP Balances in IFRS format IAS 12 IAS 12 IAS 32 Other IFRS US Deferred goodwill tax on revalued Preference assets Shares Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 79,835 - - - (85) 79,750 Cost of sales (50,931) - - - 51 (50,880) Gross profit 28,904 - - - (34) 28,870 Operating costs (21,710) - - - - (21,863) Operating profit 7,194 - - - (34) 7,007 Financial costs (1,234) - - (446) - (1,680) Financial income 65 - - - - 65 Profit before taxation 6,025 - - (446) (34) 5,392 Taxation (1,337) (40) 3 - 10 (1,255) Profit for the period 4,688 (40) 3 (446) (24) 4,137 Profit for the period attributable to: Minority interests 403 - - - - 403 Equity holders of the parent company 4,285 (40) 3 (446) (24) 3,734 2.3 IFRS Balance sheet at 31 December 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format -------------------------- ------------------------- ------------------------- Debtors Creditors Creditors <1 year <1 year > 1 year ---------- ---------- ---------- ------------------- ---------- --------- ------------------- Â£000 Â£000 Â£000 Â£000 Â£000 Fixed assets Non current assets Intangible assets 13,005 - - - 13,005 Goodwill Tangible fixed assets 8,982 - - - 8,982 Property, plant & equipment 4 - - 4 Deferred tax --------- ---------- ---------- ---------- --------- 21,987 4 - - 21,991 --------- ---------- ---------- ---------- --------- Current assets Current assets Stock 20,727 - - - 20,727 Inventories Debtors falling due within one year 24,066 - - - 24,066 Trade and other receivables 154 - - 154 Taxation recoverable Cash and deposits 12,578 - (1,967) - 10,611 Cash and cash --------- ---------- ---------- ---------- --------- equivalents 57,371 154 (1,967) - 55,558 --------- ---------- ---------- ---------- --------- - - - 77,549 Total assets ---------- ---------- ---------- --------- Creditors due within one year (28,927) - 28,927 - Current liabilities - (433) - (433) Short term borrowings - (25,377) - (25,377) Trade and other payables (154) (1,150) - (1,304) Corporation tax --------- ---------- ---------- ---------- --------- liabilities (28,927) (154) 1,967 - (27,114) --------- ---------- ---------- ---------- --------- Net current assets 28,444 - - - 28,444 Net current assets --------- ---------- ---------- ---------- --------- Creditors due after more than one year (38,618) - - 38,618 - Non-current liabilities - - (38,408) (38,408) Medium and long term borrowings - - (210) (210) Other payables Provisions for liabilities and charges (646) (4) - - (650) Deferred tax --------- ---------- ---------- ---------- --------- liabilities (39,264) (4) - - (39,268) --------- ---------- ---------- ---------- --------- (66,382) Total liabilities --------- ---------- ---------- ---------- --------- Net assets 11,167 - - - 11,167 Net assets --------- ---------- ---------- ---------- --------- Equity Equity Share capital 1,341 - - - 1,341 Issued capital Share premium account 23,903 - - - 23,903 Share premium account Retained earnings and other reserves (16,797) - - - (16,797) Retained earnings and --------- ---------- ---------- ---------- --------- other reserves Equity attributable to shareholders of parent company 8,447 - - - 8,447 Equity attributable to shareholders of parent company Minority interests 2,720 - - - 2,720 Minority interests --------- ---------- ---------- ---------- --------- 11,167 - - - 11,167 --------- ---------- ---------- ---------- --------- - - - (77,549) Total equity and ------------------- ========= ========== ========== ========== ========= liabilities ------------------- * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.4 IFRS Balance Sheet as at 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS Format IFRS 3 IAS 38 IFRS 3 IAS 19 IAS 32 IAS 12 Goodwill Goodwill/ Intangible Employee Preference Deferred amort'n intangibles Assets Benefits Shares/ tax on US reversal amort'n loan note goodwill Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 13,005 376 (5,810) (232) - - - Other intangible assets - - 5,810 (243) - - - Property, plant & equipment 8,982 - - - - - - Deferred tax 4 - - - - - - ------ ------- ------- ------- ------- ------- ------- 21,991 376 - (475) - - - ------ ------- ------- ------- ------- ------- ------- Current assets Inventories 20,727 - - - - - - Trade and other receivables 24,066 - - - - - - Taxation recoverable 154 - - - - - - Cash and cash equivalents 10,611 - - - - - - ------ ------- ------- ------- ------- ------- ------- 55,558 - - - - - - ------ ------- ------- ------- ------- ------- ------- Total assets 77,549 376 - (475) - - - ------ ------- ------- ------- ------- ------- ------- Current liabilities Short term borrowings (433) - - - - (4,850) - Trade and other payables (25,377) - - - (205) - - Corporation tax liabilities (1,304) - - - - - - ------ ------- ------- ------- ------- ------- ------- (27,114) - - - (205) (4,850) - ------ ------- ------- ------- ------- ------- ------- Net current assets 28,444 - - - (205) (4,850) - ------ ------- ------- ------- ------- ------- ------- Non-current liabilities Medium and long term borrowings (38,408) - - - - - - Other payables (210) - - - - - - Deferred tax liabilities (650) - - 104 31 - 128 ------ ------- ------- ------- ------- ------- ------- (39,268) - - 104 31 - 128 ------ ------- ------- ------- ------- ------- ------- Total liabilities (66,382) - - 104 (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Net assets 11,167 376 - (371) (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Equity Issued capital 1,341 - - - - (278) - Share premium account 23,903 - - - - (4,704) - Retained earnings and other reserves (16,797) 376 - (371) (174) 132 128 ------ ------- ------- ------- ------- ------- ------- Equity attributable to shareholders 8,447 376 - (371) (174) (4,850) 128 Minority interests 2,720 - - - - - - ------ ------- ------- ------- ------- ------- ------- 11,167 376 - (371) (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Total equity and liabilities (77,549) (376) - 475 - - - ------------- ------ ------- ------- ------- ------- ------- ------- UK GAAP Balances in IFRS Format IAS 12 IAS 12 IAS 21 IAS 30 IAS 10 Other IFRS Deferred Deferred Goodwill Interest Dividends tax on US tax on /intangible rate goodwill revalued translation swap Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 13,005 - - (141) - - 46 7,244 Other intangible assets - - - (233) - - - 5,334 Property, plant & equipment 8,982 - - - - - - 8,982 Deferred tax 4 - - - - - - 4 21,991 - - (374) - - 46 21,564 Current assets Inventories 20,727 - - - - - 136 20,863 Trade and other receivables 24,066 - - - 130 - (320) 23,876 Taxation recoverable 154 - - - - - - 154 Cash and cash equivalents 10,611 - - - - - - 10,611 55,558 - - - 130 - (184) 55,504 Total assets 77,549 - - (374) 130 - (138) 77,068 Current liabilities Short term borrowings (433) - - - - - - (5,283) Trade and other payables (25,377) - - - - 629 24 (24,929) Corporation tax liabilities (1,304) - - - - - - (1,304) (27,114) - - - - 629 24 (31,516) Net current assets 28,444 - - - 130 629 (160) 23,988 Non-current liabilities Medium and long term borrowings (38,408) - - - - - - (38,408) Other payables (210) - - - - - - (210) Deferred tax liabilities (650) 128 (290) - - - 47 (630) (39,268) 128 (290) - - - 47 (39,248) Total liabilities (66,382) 128 (290) - - 629 71 (70,764) Net assets 11,167 128 (290) (374) 130 629 (67) 6,304 Equity Issued capital 1,341 - - - - - - 1,063 Share premium account 23,903 - - - - - - 19,199 Retained earnings and other reserves (16,797) 128 (290) (374) 130 629 (67) (16,678) Equity attributable to shareholders 8,447 128 (290) (374) 130 629 (67) 3,584 Minority interests 2,720 - - - - - - 2,720 11,167 128 (290) (374) 130 629 (67) 6,304 Total equity and liabilities (77,549) - - 374 (130) - 138 (77,068) 2.5 Cash Flow Statement for the year 31 December 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Reconcile to Financing Corporation tax profit for period Â£000 Â£000 Â£000 Â£000 Â£000 Cash flows from operating activities 4,688 - - 4,688 Profit for period 1,337 - - 1,337 Tax expense 1,169 - - 1,169 Net finance costs Operating profit 7,194 (7,194) - - - Depreciation 1,073 - - - 1,073 Depreciation Amortization 410 - - - 410 Amortization Profit on sale of tangible fixed assets (1) - - - (1) Profit on sale of property, plant and equipment - - - 8,676 Operating profit before changes in working capital and provisions Decrease in debtors 215 - - - 215 Decrease in trade and other receivables Increase in stock (675) - - - (675) Increase in inventories Decrease in creditors (1,713) - - - (1,713) Decrease in trade and other payables - - (1,062) (1,062) Corporation tax Net cash inflow from operating activities 6,503 - (1,062) 5,441 Net cash flow from operating activities Returns on - - - - investment and servicing of finance Interest received 51 - (51) - Interest paid (1,280) - 1,280 - Interest element of hire purchase payments (47) - 47 - Preference dividends paid (426) - 426 - Dividend paid to minority share holder (103) - 103 - (1,805) - - - Taxation (1,062) - - 1,062 Capital - - - Cash flows from expenditure and investing activities financial investment Purchase of tangible fixed assets (1,020) - - - (1,020) Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets 38 - - - 38 Proceeds from sale of tangible fixed assets (982) - - - Acquisitions - - - and disposals Purchase of - - - - - Purchase of intangible intangible assets assets Acquisition of subsidiary undertakings (13,700) - - - (13,700) Purchase of subsidiary undertakings - 51 - 51 Interest received - - - (14,631) Net cash flow from investing activities (13,700) - - - - Cash flow from financing activities Equity dividends paid (1,077) - - - (1,077) Dividends paid Financing - (1,327) - (1,327) Interest paid Issue of shares 26 - - - 26 Proceeds from the issue of share capital - (426) - (426) Preference dividends paid - (103) - (103) Dividend paid to minority shareholder New loans 10,967 - - - 10,967 New Loans 10,993 - - - 8,060 Net cash flows from financing activities Increase in cash in the year 797 - (1,927) - (1,130) Net decrease in cash and cash equivalents Movement in liquid resources (1,927) - 1,927 - (1,130) * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' and IAS 7 'Cash Flow Statements' 2.6 Cash Flow Statement for the year to 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 19 IAS 32 IAS 3 Share- Goodwill Employee Preference Amort'n of based amort'n benefits shares intangibles payments reversal Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Profit for the period 4,688 (3) 376 (51) (446) (366) Tax expense 1,337 (1) - 1 - (109) Net finance cost 1,169 - - - 446 - Depreciation 1,073 - - - - - Amortization 410 - (376) - - 475 Profit on sale of tangible fixed assets (1) - - - - - Equity settled share-based payment expense - 4 - - - - ------- ------- ------- ------- ------- ------- Operating profit before changes in working capital 8,676 - - (50) - - Decrease in trade and other receivables 215 - - - - - Increase in inventories (675) - - - - - Increase in trade and other payables (1,713) - - 50 - - Corporation tax (1,062) - - - - - ------- ------- ------- ------- ------- ------- Net cash flow from operating activities 5,441 - - - - - ------- ------- ------- ------- ------- ------- Cash flows from - - - - - investing activities Purchase of tangible fixed assets (1,020) - - - - - Proceeds from sale of tangible fixed assets 38 - - - - - Purchase of subsidiary undertakings (13,700) - - - - - Interest received 51 - - - - - ------- ------- ------- ------- ------- ------- Net cash flow from investing activities (14,631) - - - - - ------- ------- ------- ------- ------- ------- Cash flow from - - - - - financing activities Interest paid (1,327) - - - (426) - Proceeds from the issue of share capital 26 - - - - - Preference dividends paid (426) - - - 426 - Dividend paid to minority shareholder (103) - - - - - New Loans 10,967 - - - - - Dividends paid (1,077) - - - - - ------- ------- ------- ------- ------- ------- Net cash flows from financing activities 8,060 - - - - - ------- ------- ------- ------- ------- ------- Net decrease in cash and cash equivalents (1,130) - - - - - --------------------- ------- ------- ------- ------- ------- ------- UK GAAP Balances in IFRS format IAS 12 IAS 12 Other IFRS US Deferred goodwill tax on revalued assets Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Profit for the period 4,688 (40) 3 (24) 4,137 Tax expense 1,337 40 (3) (10) 1,255 Net finance cost 1,169 - - - 1,615 Depreciation 1,073 - - - 1,073 Amortization 410 - - - 509 Profit on sale of tangible fixed (1) - - - (1) assets Equity settled share-based payment - - - - 4 expense Operating profit before changes in 8,676 - - (34) 8,592 working capital Decrease in trade and other 215 - - 86 301 receivables Increase in inventories (675) - - (47) (722) Increase in trade and other (1,713) - - (5) (1,668) payables Corporation tax (1,062) - - - (1,062) Net cash flow from operating 5,441 - - - 5,441 activities Cash flows from investing - - - - activities Purchase of tangible (1,020) - - - (1,020) fixed assets Proceeds from sale of tangible 38 - - - 38 fixed assets Purchase of subsidiary (13,700) - - - (13,700) undertakings Interest received 51 - - - 51 Net cash flow from investing (14,631) - - - (14,631) activities Cash flow from financing - - - - activities Interest paid (1,327) - - - (1,753) Proceeds from the issue of share 26 - - - 26 capital Preference dividends paid (426) - - - - Dividend paid to minority shareholder (103) - - - (103) New Loans 10,967 - - - 10,967 Dividends paid (1,077) - - - (1,077) Net cash flows from financing 8,060 - - - 8,060 activities Net decrease in cash and cash (1,130) - - - (1,130) equivalents 2.7 Income Statement for the period to 30 June 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP balances in Reclassification * Interest receivable UK GAAP balances in IFRS format condensed UK GAAP format Â£000 Â£000 Â£000 Turnover 31,039 - 31,039 Revenue Operating profit/ Profit on ordinary activities before 1,996 - 1,996 Operating profit interest Net interest payable (417) (31) (448) Financial costs 31 31 Financial income Profit on ordinary activities before taxation 1,579 - 1,579 Profit before taxation Taxation (354) - (354) Taxation Profit for the 1,225 - 1,225 Profit for the period period Profit for Profit for the period the period attributable to: attributable to: Minority interests 160 - 160 Minority interests Shareholders of the parent 1,065 - 1,065 Equity holders of the company parent company * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.8 Income Statement for the period to 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 12 IAS 12 Share-based Goodwill Deferred tax US payments amort'n on revalued goodwill reversal assets Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 31,039 - - - - ------- --------- --------- --------- --------- Operating profit 1,996 (2) 88 - - Financial costs (448) - - - - Financial income 31 - - - - ------- --------- --------- --------- --------- Profit before taxation 1,579 (2) 88 - - Taxation (354) 1 - 1 (20) ------- --------- --------- --------- --------- Profit for the period 1,225 (1) 88 1 (20) ------- --------- --------- --------- --------- Profit for the period attributable to: Minority interests 160 - - - - Equity holders of the parent company 1,065 (1) 88 1 (20) ---------------- ======= ========= ========= ========= ========= UK GAAP Balances in IFRS format Other IAS 32 IAS 19 IFRS Preference Employee Shares benefits Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 31,039 10 - - 31,049 ------- --------- --------- --------- --------- Operating profit 1,996 5 - (133) 1,954 Financial costs (448) - (223) - (671) Financial income 31 - - - 31 ------- --------- --------- --------- --------- Profit before taxation 1,579 5 (223) (133) 1,314 Taxation (354) (1) - 33 (340) ------- --------- --------- --------- --------- Profit for the period 1,225 4 (223) (100) 974 ------- --------- --------- --------- --------- Profit for the period attributable to: Minority interests 160 - - (1) 159 Equity holders of the parent company 1,065 4 (223) (99) 815 ---------------- ======= ========= ========= ========= ========= 2.9 IFRS Balance Sheet as at 30 June 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format ----------------------------- ------------------ ----------------------------- Debtors Creditors Creditors <1 year <1 year >1 year ------- ------- ------- ------------------------ ------- ------- ------------------------ Â£000 Â£000 Â£000 Â£000 Â£000 Fixed assets Non current assets Intangible assets 3,232 - - - 3,232 Goodwill Tangible fixed assets 8,959 - - - 8,959 Property, plant & ------- ------- ------- ------- ------- equipment 12,191 - - - 12,191 ------- ------- ------- ------- ------- Current assets Current assets Stock 19,148 - - - 19,148 Inventories Debtors falling due within one year 17,195 - - - 17,195 Trade and other receivables 94 - - 94 Taxation recoverable Cash and deposits 8,327 - (2,040) - 6,287 Cash and cash ------- ------- ------- ------- ------- equivalents 44,670 94 (2,040) - 42,724 ------- ------- ------- ------- ------- - - - 54,915 Total assets ------- ------- ------- ------- Creditors due within one year (18,759) - 18,759 - - Current liabilities - (356) - (356) Short term borrowings - (15,995) - (15,995) Trade and other payables (94) (368) - (462) Corporation tax ------- ------- ------- ------- ------- liabilities (18,759) (94) 2,040 - (16,813) ------- ------- ------- ------- ------- Net current assets 25,911 - - - 25,911 Net current assets ------- ------- ------- ------- ------- Creditors due after more than one year (29,096) - - 29,096 Non-current liabilities - - (28,853) (28,853) Medium and long term borrowings - - (243) (243) Other payables Provisions for liabilities and charges (869) - - - (869) Deferred tax ------- ------- ------- ------- ------- liabilities (29,965) (29,965) ------- ------- ------- ------- ------- - - - (46,778) Total liabilities ------- ------- ------- ------- ------- Net assets 8,137 - - - 8,137 Net assets ------- ------- ------- ------- ------- Equity Equity Share capital 1,341 - - - 1,341 Issued capital Share premium account 23,903 - - - 23,903 Share premium account Retained earnings and other reserves (19,564) - - - (19,564) Retained earnings and ------- ------- ------- ------- ------- other reserves Equity attributable to shareholders of parent company 5,680 - - - 5,680 Equity attributable to shareholders of parent company Minority interests 2,457 2,457 Minority interests ------- ------- ------- ------- ------- 8,137 - - - 8,137 ------- ------- ------- ------- ------- - - - (54,915) Total equity and ---------------------- ======= ======= ======= ======= ======= liabilities ------------------------ 2.10 IFRS Balance Sheet as at 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS 3 IAS 19 IAS 12 IAS 12 IFRS Format Goodwill Employee Deferred Deferred tax amort'n benefits tax on US on revalued reversal goodwill assets Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,232 (161) - - - Other intangible assets - 249 - - - Property, plant & equipment 8,959 - - - - ------- --------- --------- --------- --------- 12,191 88 - - - ------- --------- --------- --------- --------- Current assets Inventories 19,148 - - - - Trade and other receivables 17,195 - - - - Taxation recoverable 94 - - - - Cash and cash equivalents 6,287 - - - - ------- --------- --------- --------- --------- 42,724 - - - - ------- --------- --------- --------- --------- Total assets 54,915 88 - - - ------- --------- --------- --------- --------- Current liabilities Short term borrowing (356) - - - - Trade and other payables (15,995) - (280) - - Corporation tax liabilities (462) - - - - ------- --------- --------- --------- --------- (16,813) - (280) - - ------- --------- --------- --------- --------- Net current assets 25,911 - (280) - - ------- --------- --------- --------- --------- Non-current liabilities Medium and long term borrowings (28,853) - - - - Other payables (243) - - - - Deferred tax liabilities (869) - 65 156 (292) ------- --------- --------- --------- --------- (29,965) - 65 156 (292) ------- --------- --------- --------- --------- Total liabilities (46,778) - (215) 156 (292) ------- --------- --------- --------- --------- Net assets 8,137 88 (215) 156 (292) ------- --------- --------- --------- --------- Equity Issued capital 1,341 - - - - Share premium account 23,903 - - - - Retained earnings and other reserves (19,564) 88 (214) 156 (292) ------- --------- --------- --------- --------- Equity attributable to shareholders 5,680 88 (214) 156 (292) Minority interests 2,457 - (1) - - ------- --------- --------- --------- --------- 8,137 88 (215) 156 (292) ------------- ------- --------- --------- --------- --------- Total equity and liabilities (54,915) (88) - - - ------------- ------- --------- --------- --------- --------- UK GAAP IAS 10 IAS 32 Other IFRS Balances in Dividends Preference IFRS Format shares/ loan note Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,232 - - - 3,071 Other intangible assets - - - - 249 Property, plant & equipment 8,959 - - - 8,959 12,191 - - - 12,279 Current assets Inventories 19,148 - - 30 19,178 Trade and other receivables 17,195 - - (93) 17,102 Taxation recoverable 94 - - - 94 Cash and cash equivalents 6,287 - - - 6,287 42,724 - - (63) 42,661 Total assets 54,915 - - (63) 54,960 Current liabilities Short term borrowing (356) - - - (356) Trade and other payables (15,995) 494 - 7 (15,774) Corporation tax liabilities (462) - - - (462) (16,813) 494 - 7 (16,592) Net current assets 25,911 494 - (56) 26,069 Non-current liabilities Medium and long term borrowings (28,853) - (4,845) - (33,698) Other payables (243) - - - (243) Deferred tax liabilities (869) - - 16 (924) (29,965) - (4,845) 16 (34,865) Total liabilities (46,778) 494 (4,845) 23 (51,457) Net assets 8,137 494 (4,845) (40) 3,483 Equity Issued capital 1,341 - (278) - 1,063 Share premium account 23,903 - (4,709) - 19,194 Retained earnings and other reserves (19,564) 494 142 (40) (19,230) Equity attributable to shareholders 5,680 494 (4,845) (40) 1,027 Minority interests 2,457 - - 2,456 8,137 494 (4,845) (40) 3,483 Total equity and liabilities (54,915) - - 63 (54,940) 2.11 IFRS Cash Flow statement for the period to 30 June 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in Condensed UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Reconcile to Financing Corporation tax profit before tax Â£000 Â£000 Â£000 Â£000 Â£000 Cash flows from operating activities 1,225 - - 1,225 Profit for period 354 - - 354 Tax expense 417 - - 417 Net finance costs Operating profit 1,996 (1,996) - - - Depreciation 537 - - - 537 Depreciation Amortization 105 - - - 105 Amortization Profit on sale - - - - - Profit on sale of of tangible tangible fixed fixed assets assets - - - 2,638 Operating profit before changes in working capital and provisions Movement in current operating assets and liabilities (5,601) - - - (5,601) Movement in current operating assets and liabilities - - (743) (743) Corporation tax paid Net cash outflow from operating activities (2,963) - - (743) (3,706) Net cash flow from operating activities Returns on - - - - investments and servicing of finance Interest received 31 - (31) - Interest paid (448) - 448 - Preference dividend paid (213) - 213 - Dividend paid to minority shareholder (103) - 103 - (733) - - - Taxation (743) - - 743 Capital - - - - - Cash flows from expenditure and investing activities financial investment of tangible fixed assets (613) - - - (613) Purchase of tangible fixed assets (613) - - - Acquisitions - - - - and disposals Purchase of - - - - - Purchase of intangible intangible assets assets Acquisition of subsidiary undertakings (183) - - - (183) Purchase of subsidiary undertakings - 31 - 31 Interest received - - - (765) Net cash flow from investing activities (183) - - - - Cash flow from financing activities Equity dividends paid (583) - - - (583) Dividends paid Financing - - (448) - (448) Interest paid Issue of shares 26 - - - 26 Proceeds from the issue of share capital - (213) - (213) Preference dividends paid - - (103) - (103) Dividend paid to minority shareholder - - (197) - (197) Loans repaid - - - - (1,518) Net cash flows from financing activities Increase in net debt in the period (5,792) - (197) - (5,989) Net decrease in cash and cash equivalents * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' and IAS 7 'Cash Flow Statements' 2.12 IFRS Cash Flow statement for the period to 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 32 IAS 19 Share-based Goodwill Preference Employee payments amort'n shares benefits reversal Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Profit for period 1,215 (1) 88 (223) (100) Tax expense 354 (1) - - (33) Net finance cost 417 - - 223 - Depreciation 537 - - - - Amortization 105 - (88) - - Profit on sale of - - - - - tangible fixed assets Equity settled share-based payment expense - 2 - - - ------- -------- -------- -------- -------- Operating profit before changes in working capital 2,638 - - - (133) Movement in current operating assets and liabilities (5,601) - - - 133 Corporation tax (743) - - - - ------- -------- -------- -------- -------- Net cash flow from operating activities (3,706) - - - - ------- -------- -------- -------- -------- Cash flows from - - - - - investing activities Purchase of tangible fixed assets (613) - - - - Proceeds from sale of - - - - - tangible fixed assets Purchase of intangible - - - - - fixed assets Purchase of subsidiary undertakings (183) - - - - Interest received 31 - - - - ------- -------- -------- -------- -------- Net cash flow from investing activities (765) - - - - ------- -------- -------- -------- -------- Cash flow from - - - - - financing activities Interest paid (448) - - (213) - Proceeds from the issue of share capital 26 - - - - Preference dividends paid (213) - - 213 - Dividend paid to minority shareholder (103) - - - - Loans repaid (197) - - - - Dividends paid (583) - - - - ------- -------- -------- -------- -------- Net cash flows from financing activities (1,518) - - - - ------- -------- -------- -------- -------- Net decrease in cash and cash equivalents (5,989) - - - - --------------------- ------- -------- -------- -------- -------- UK GAAP Balances in IFRS format IAS 12 IAS 12 Other IFRS US Deferred tax goodwill on revalued assets Cash flows from operating activities Â£000 Â£000 Â£000 Â£000 Â£000 Profit for period 1,215 (20) 1 4 974 Tax expense 354 20 (1) 1 340 Net finance cost 417 - - - 640 Depreciation 537 - - - 537 Amortization 105 - - - 17 Profit on sale of tangible - - - - - fixed assets Equity settled share-based payment expense - - - - 2 Operating profit before changes in working capital 2,638 - - 5 2,510 Movement in current operating assets and liabilities (5,601) - - (5) (5,473) Corporation tax (743) - - - (743) Net cash flow from operating activities (3,706) - - - (3,706) Cash flows from investing - - - - - activities Purchase of tangible fixed assets (613) - - - (613) Proceeds from sale of - - - - - tangible fixed assets Purchase of intangible - - - - - fixed assets Purchase of subsidiary undertakings (183) - - - (183) Interest received 31 - - - 31 Net cash flow from investing activities (765) - - - (765) Cash flow from financing - - - - - activities Interest paid (448) - - - (661) Proceeds from the issue of share capital 26 - - - 26 Preference dividends paid (213) - - - - Dividend paid to minority shareholder (103) - - - (103) Loans repaid (197) - - - (197) Dividends paid (583) - - - (583) Net cash flows from financing activities (1,518) - - - (1,518) Net decrease in cash and cash equivalents (5,989) - - - (5,989) 2.13FRS Transition Balance Sheet as at 1 January 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Debtors Creditors Intangible Creditors <1 year <1 year Assets > 1 year Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Fixed assets Non current assets Intangible assets 3,337 - - (141) - 3,196 Goodwill - - 141 - 141 Other intangible assets Tangible fixed assets 8,909 - - - - 8,909 Property, plant & equipment 12,246 - - - - 12,246 Current assets Current assets Stock 17,451 - - - - 17,451 Inventories Debtors falling due within one year 20,667 - - - - 20,667 Trade and other receivables 94 - - - 94 Taxation recoverable Cash and deposits 12,490 - (35) - - 12,455 Cash and cash equivalents 50,608 94 (35) - - 50,667 - - - - 62,913 Total assets Creditors due within one year (24,303) - 24,303 - - Current liabilities - (493) - - (493) Short term borrowings - (23,021) - - (23,021) Trade and other payables (94) (754) - - (848) Corporation tax liabilities (24,303) (94) 35 - - (24,362) Net current assets 26,305 - - - - 26,305 Net current assets Creditors due after more than one year (29,588) - - - 29,588 Non-current liabilities Medium and long term borrowings - - - - (29,349) (29,349) Medium and long term borrowings Other creditors - - - - (239) (239) Other payables Provisions for liabilities and charges (875) - - - - (875) Provisions (30,463) - - - - (30,463) - - - - (54,825) Total liabilities Net assets 8,088 - - - - 8,088 Net assets Equity Equity Share capital 1,341 - - - - 1,341 Issued capital Share premium account 23,893 - - - - 23,893 Share premium account Retained earni ngs and other reserves (19,582) - - - - (19,582) Profit and loss account Equity attributable to shareholders of parent company 5,652 - - - - 5,652 Equity attributable to shareholders of parent company Minority interest 2,436 - - - - 2,436 Minority interest 8,088 - - - - 8,088 - - - - (62,913) Total equity and liabilities * These reflect changes in presentation required by IAS 1 'Presentation of Financial Statements' 2.14 IFRS Transition Balance Sheet as at 1 January 2004 - Effect of Other Standards UK GAAP Balances in IFRS format IAS 19 IAS 12 IAS 12 Other Employee Deferred Deferred benefits tax on US tax on goodwill revalued assets Â£000 Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,071 - - - - Other intangible assets 266 - - - - Property, plant & equipment 8,909 - - - - --------- --------- --------- --------- --------- 12,246 - - - - --------- --------- --------- --------- --------- Current assets Inventories 17,451 - - - 33 Taxation recoverable 94 - - - - Trade and other receivables 20,667 - - - (103) Cash and cash equivalents 12,455 - - - - --------- --------- --------- --------- --------- 50,667 - - - (70) --------- --------- --------- --------- --------- Total assets 62,913 - - - (70) --------- --------- --------- --------- --------- Current liabilities Short term borrowings (493) - - - - Trade and other payables (23,021) (153) - - 9 Corporation tax liabilities (848) - - - - --------- --------- --------- --------- --------- (24,362) (153) - - 9 --------- --------- --------- --------- --------- Net current assets 26,305 (153) - - (61) --------- --------- --------- --------- --------- Non-current liabilities Medium and long term borrowings (29,349) - - - - Other payables (239) - - - - Deferred tax liabilities (875) 32 178 (293) 16 --------- --------- --------- --------- --------- (30,463) 32 178 (293) 16 --------- --------- --------- --------- --------- Total liabilities (54,825) (121) 178 (293) 25 --------- --------- --------- --------- --------- Net assets 8,088 (121) 178 (293) (45) --------- --------- --------- --------- --------- Equity Issued capital 1,341 - - - - Share premium account 23,893 - - - - Retained earnings and other reserves (19,582) (121) 178 (293) (45) --------- --------- --------- --------- --------- Equity shareholders' funds 5,652 (121) 178 (293) (45) Minority interests 2,436 - - - - --------- --------- --------- --------- --------- 8,088 (121) 178 (293) (45) --------- --------- --------- --------- --------- Total equity and liabilities (62,913) - - - 70 ---------------- --------- --------- --------- --------- --------- UK GAAP Balances in IFRS format IAS 10 IAS 32 IFRS Dividends Preference shares Â£000 Â£000 Â£000 Â£000 Non current assets Goodwill 3,071 - - 3,071 Other intangible assets 266 - - 266 Property, plant & equipment 8,909 - - 8,909 12,246 - - 12,246 Current assets - Inventories 17,451 - - 17,484 Taxation recoverable 94 - - 94 Trade and other receivables 20,667 - - 20,564 Cash and cash equivalents 12,455 - - 12,455 50,667 - - 50,597 Total assets 62,913 - - 62,843 Current liabilities Short term borrowings (493) - - (493) Trade and other payables (23,021) 583 - (22,582) Corporation tax liabilities (848) - - (848) (24,362) 583 - (23,923) Net current assets 26,305 583 - 26,674 Non-current liabilities Medium and long term borrowings (29,349) - (4,835) (34,184) Other payables (239) - - (239) Deferred tax liabilities (875) - - (942) (30,463) - (4,835) (35,365) Total liabilities (54,825) 583 (4,835) (59,288) Net assets 8,088 583 (4,835) 3,555 Equity Issued capital 1,341 - (278) 1,063 Share premium account 23,893 - (4,709) 19,184 Retained earnings and other reserves (19,582) 583 152 (19,128) Equity shareholders' funds 5,652 583 (4,835) 1,119 Minority interests 2,436 - - 2,436 8,088 583 (4,835) 3,555 Total equity and liabilities (62,913) - - (62,843) This information is provided by RNS The company news service from the London Stock Exchange

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Quarto Group Inc. (QRT)

Friday, 10th January 2025

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