Interim Results

Norish PLC 18 September 2007 NORISH PLC 2007 INTERIM RESULTS AND TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS Norish plc Part 1: Interim results Results Norish plc announces pre-tax profits of Â£320,000 for the six months ended 30 June 2007. This compares with pre-tax profits of Â£284,000 for the same period last year. Turnover from continuing operations increased by Â£323,000 to Â£5,550,000. Earnings per share increased to 2.5p compared to 2.1p for the same period last year. All our cold stores preformed better than the first six months last year. Our ambient food storage business started the year with full occupancy which has subsequently reduced. We expect to see volumes reduce further in the second half of the year. Outlook We have had a better than expected first half and have no reason to believe that this will not continue into the second half of the year. However, the reduction in volumes at our ambient food storage business will have some adverse impact on our profitability. Board Changes Raymond French was appointed to the board on 1 March 2007. He is currently Chairman of International Securities Trading Corporation and a Director of the funds of Global Asset Management (GAM) and Anglo Irish Bank Corporation (IOM) PLC. Financial Strength Shareholders funds at 30 June 2007 were Â£6,505,000 compared with Â£6,297,000 at 31 December 2006. Net debt at 30 June 2007 was Â£6,350,000, compared with a net debt of Â£6,416,000 at 31 December 2006. Dividend The Board has decided not to declare an interim dividend. Ted O'Neill Chairman 18 September 2007 Norish plc Consolidated Income Statement For the six months ended 30 June 2007 Six months Six months Six months Year ended ended ended ended 30 June 30 June 30 June 31 December 2007 2007 2006 2006 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Restated) (Restated) Â£'000 â‚¬'000 Â£'000 Â£'000 Continuing operations Revenue 5,550 8,162 5,227 10,671 Cost of sales (4,924) (7,241) (4,575) (9,474) -------- -------- -------- -------- Gross profit 626 921 652 1,197 -------- -------- -------- -------- Administrative expenses (144) (212) (204) (368) -------- -------- -------- -------- Operating profit from continuing operations 482 709 448 829 -------- -------- -------- -------- Finance expenses (215) (316) (211) (425) Finance income 53 78 47 84 -------- -------- -------- -------- Profit on continuing activities before taxation 320 471 284 488 -------- -------- -------- -------- Tax on profit on ordinary activities (112) (165) (102) (190) -------- -------- -------- -------- Profit for the period attributable to shareholders 208 306 182 298 ======== ======== ======== ======== Profit per share expressed in pence per share: From continuing operations - basic 2.5p 3.6c 2.1p 3.5p - diluted 2.5p 3.6c 2.1p 3.5p Note : The unaudited financial information presented in pounds sterling as of and for the period ended 30 June 2007 is also expressed in Euro, solely for convenience, at the rate of â‚¬1 = Â£0.68, the closing rate for the period. No representation is made that the pounds sterling amounts have been, could have been or could be converted into Euro at that or any other rate. Norish plc Interim Balance Sheet As at 30 June 2007 As at As at As at 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) (Unaudited) (Restated) (Restated) Â£'000 Â£'000 Â£'000 Assets Non current assets Goodwill 216 216 216 Property, plant and equipment 12,715 13,006 12,903 --------- ---------- --------- 12,931 13,222 13,119 --------- ---------- --------- Current assets Trade and other receivables 2,909 2,681 2,762 Financial assets: Fair value of interest rate swaps 82 22 44 Cash and cash equivalents 400 508 584 --------- ---------- --------- 3,391 3,211 3,390 --------- ---------- --------- Liabilities Current liabilities Trade and other payables (2,116) (2,207) (2,394) Current tax liabilities (275) (83) (154) Bank overdraft and loans (500) (500) (500) --------- ---------- --------- (2,891) (2,790) (3,048) --------- ---------- --------- --------- ---------- --------- Net current assets 500 421 342 --------- ---------- --------- Non-current liabilities Bank loans (6,250) (6,750) (6,500) Deferred tax (676) (640) (664) --------- ---------- --------- (6,926) (7,390) (7,164) --------- ---------- --------- Net assets 6,505 6,253 6,297 ======== ======== ======== Equity Share capital 1,493 1,493 1,493 Share premium account 3,156 3,156 3,156 Capital conversion reserve fund 23 23 23 Retained earnings 1,833 1,581 1,625 --------- ---------- --------- Equity attributable to equity holders of the parent 6,505 6,253 6,297 ======== ======== ======== Norish plc Consolidated Statement of Changes in Equity For the six months ended 30 June 2007 Capital Share Share Conversion Retained capital premium Reserve earnings Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 1 January 2006 1,493 3,156 23 1,471 6,143 Net profit for the period - - - 182 182 Equity dividends paid (recognised directly in equity) - - - (72) (72) -------- -------- ------- -------- -------- At 30 June 2006 1,493 3,156 23 1,581 6,253 -------- -------- ------- -------- -------- Net profit for the period - - - 116 116 Equity dividends paid (recognised directly in equity) - - - (72) (72) -------- -------- ------- -------- -------- At 31 December 2006 1,493 3,156 23 1,625 6,297 -------- -------- ------- -------- -------- Net profit for the period - - - 208 208 -------- -------- ------- -------- -------- At 30 June 2007 1,493 3,156 23 1,833 6,505 ======== ======== ======= ======== ======== Norish plc Consolidated Cash Flow Statement For the six months ended 30 June 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) (Unaudited) (Restated) (Restated) Â£'000 Â£'000 Â£'000 Profit on continuing activities before taxation 320 284 488 Adjustments for: Finance expenses 215 211 425 Finance income (53) (47) (84) Depreciation - property, plant and equipment 264 287 521 Changes in working capital: (Increase)/decrease in trade and other receivables (147) 223 142 Decrease in payables (278) (197) (15) ---------- -------- -------- Cash generated from operations 321 761 1,477 ---------- -------- -------- Cash absorbed by operating activities Interest paid - bank loans and overdrafts (215) (211) (420) Taxation received 21 187 194 ---------- -------- -------- Net cash absorbed by operating activities (194) (24) (226) ---------- -------- -------- Investing activities Interest received 15 25 40 Purchase of property, plant and equipment (76) (216) (347) ---------- -------- -------- Net cash used in investing activities (61) (191) (307) ---------- -------- -------- Financing activities Dividends paid to shareholders - (72) (144) ---------- -------- -------- Net cash from financing activities - (72) (144) ---------- -------- -------- ---------- -------- -------- Net increase/(decrease) in cash and cash equivalents 66 474 800 ---------- -------- -------- Cash and cash equivalents at the beginning of the period (6,416) (7,216) (7,216) ---------- -------- -------- Cash and cash equivalents at end of period (6,350) (6,742) (6,416) ---------- -------- -------- Norish plc Notes to the Interim Financial Statements For the six months ended 30 June 2007 1. Basis of preparation These interim financial statements are the first interim financial statements following the adoption of International Financial Reporting Standards ('IFRS'). As the Group has not previously published a full set of financial statements under IFRS, Part 2 of this announcement contains reconciliations of net assets and equity from previously reported amounts under UK Generally Accepted Accounting Principles ('UK GAAP') for the six months ended 30 June 2006 and the year ended 31 December 2006 along with explanations of the changes. These restated financial figures will be the principal comparative figures in the 2007 financial statements and have been released to provide a more detailed analysis of the impact of adopting IFRS on the Group. Also included as Appendix 1 of this announcement are the restated Group accounting policies that the Directors anticipate will be complied with in the annual financial statements. The financial information has been prepared in accordance with all IFRS and International Financial Reporting Interpretations Committee ('IFRIC') interpretations that had been published by 30 June 2007 and which apply to accounting periods beginning on or after 1 January 2006. The standards used are those endorsed by the EU together with those standards and interpretations that have been issued by the International Accounting Standards Board ('IASB') but had not been endorsed by the EU by 30 June 2007. Further standards and interpretations may be issued that will be applicable for financial years beginning on or after 1 January 2006 or that are applicable to later accounting periods but may be adopted early. The Group's first full IFRS Annual Report to 31 December 2007 may, therefore, be prepared in accordance with some different accounting policies from the information presented here. This interim report, which comprises the consolidated interim balance sheet as at 30 June 2007 and the related consolidated interim statements of income, cash flows and changes in shareholders' equity for the six months then ended and related notes, is unaudited and does not constitute audited accounts within the meaning of the Companies Act 1985. The accounts for the year ended 31 December 2006, on which the auditors gave an unqualified audit opinion, were prepared in accordance with UK GAAP and not in accordance with IFRS and IFRIC interpretations, and have been filed with the Registrar of Companies. 2. Copies of the interim financial statements A copy of the interim report will be available from our UK office at: Northern Way, Northern Industrial Estate, Bury St Edmunds, Suffolk, IP32 6NL or can be downloaded from our website at www.norish.com. 3. Information for shareholders The Company's share register and related records are maintained by Computershare Services (Ireland) Ltd., to whom shareholder enquires, should be addressed. Their address is Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18, Ireland. Telephone +353 (1) 2163100. The group's website can be accessed at www.norish.com. Norish plc Part 2: Transition to International Financial Reporting Standards Norish plc ('the Group') today announces its interim results for the six months ended 30 June 2007. These interim financial statements are the first financial statements following the adoption of International Financial Reporting Standards ('IFRS'). For all periods up to and including 31 December 2006, Norish plc has prepared its financial statements in accordance with UK GAAP. Therefore, the Group's first published Interim Financial Statements under IFRS are in respect of the six months ended 30 June 2007 and the first Annual Report and Accounts prepared on this basis will be for the year ended 31 December 2007. It is important to recognise that the move from UK GAAP to IFRS does not change the cash flows of the Group nor does it impact Group strategy or commercial decisions. 1. Introduction As the Group has not previously published a full set of financial statements under IFRS, this release contains reconciliations of net assets and equity from previously reported amounts under UK Generally Accepted Accounting Principles ('UK GAAP') for the six months ended 30 June 2006 and the year ended 31 December 2006. These restated financial figures will be the principal comparative figures in the 2007 financial statements and have been released to provide a more detailed analysis of the impact of adopting IFRS on the Group. 2. Summary of Changes The most significant changes required to the financial statements of the Group arising from the adoption of IFRS are: â€¢ The cessation of goodwill amortisation; â€¢ The recording of a holiday pay accrual; and â€¢ The measurement of derivative financial instruments at fair value. The restated accounting policies and reconciliations between financial statements previously presented under UK GAAP and the IFRS presentation are included in the following appendices: Appendix 1: Restatement of Group accounting policies Appendix 2: Restatement of the balance sheet as at 1 January 2006 Appendix 3: Restatement of the income statement for the year ended 31 December 2006 Appendix 4: Restatement of the balance sheet as at 31 December 2006 Appendix 5: Restatement of the cash flow statement for the year ended 31 December 2006 3. Summary of Impacts to Financial Statements 3.1 Summary Income Statement Impact for the Year Ended 31 December 2006 The table below shows the impact of IFRS adoption on the Group consolidated income statement for the six months ended 30 June 2006 and the year ended 31 December 2006: 6 months ended Year ended 30 June 2006 31 December 2006 Â£'000 Â£'000 Reported profit - UK GAAP 180 253 IFRS adjustments (with paragraph references): 5.1: IFRS 3 'Business Combinations' 7 15 5.2: IAS 19 'Employee Benefits' (20) (1) 5.3: IAS 39 'Financial Instruments' (net of deferred tax) 15 31 ----------- ----------- Sub total of adjustments 2 45 ----------- ----------- Restated profit - IFRS 182 298 =========== =========== 3.2 Net Asset Adjustments The table below shows the impact of IFRS adoption on the Group consolidated net assets at 1 January 2006, at 30 June 2006 and at 31 December 2006: As at As at As at 31 December 30 June 1 January 2006 2006 2006 Â£'000 Â£'000 Â£'000 Total shareholders' equity - UK GAAP 6,254 6,253 6,145 IFRS Adjustments (with paragraph references): 5.1: IFRS 3 'Business Combinations' 15 7 - 5.2: IAS 19 'Employee Benefits' (3) (22) (2) 5.3: IAS 39 'Financial Instruments' (net of deferred tax) 31 15 - --------- --------- --------- Sub total of adjustments 43 - (2) --------- --------- --------- Total shareholders' equity - IFRS 6,297 6,253 6,143 ========= ========= ========= 4. Transitional arrangements Under the provisions of IFRS 1 'First time Adoption of IFRS' specific exemptions may be applied in certain areas as part of the transition of the financial statements to IFRS. The Group has elected to apply the following exemptions: IFRS 2 'Share-based Payment' IFRS 2 has been adopted from the transition date and is only being applied to share options granted on or after 7 November 2002 that had not vested on 1 January 2006, the date of transition to IFRS. All options outstanding at the transition date were granted before 7 November 2002 and no options have been granted since, therefore the Group has not recorded a charge to the income statement in the year ended 31 December 2006, or in the 6 months ended 30 June 2007. IFRS 3 'Business Combinations' IFRS 3 has been adopted from the transition date and is only being applied to acquisitions made on or after 1 January 2006. IFRS 3 also requires goodwill to be carried at cost with impairment reviews carried out at least annually. The Group has applied the standard from the transition date and so the net carrying value of goodwill at 31 December 2005 has been brought forward as the cost at 1 January 2006, with no amortisation charge from that date. In addition, intangible assets that were previously included within goodwill because they could not be sold separately without disposing of the business of the entity, are not required to be shown separately for acquisitions made before 1 January 2006. 5. Details of Changes 5.1 IFRS 3 'Business Combinations' IFRS 3 deals with accounting for business combinations including goodwill and intangible fixed assets. Under UK GAAP, the Group adopted FRS 10 'Goodwill and intangible assets', from 1 January 1997 and goodwill arising on acquisitions after this date was capitalised and amortised over its useful economic life, which was presumed to be twenty years. Goodwill arising before this date was eliminated against reserves. In addition, the Group tested for impairment when there was an indication that the carrying value of an asset might be impaired. Under IFRS 3, goodwill is no longer amortised, and impairment tests are performed annually or whenever there is an indication that the carrying value of an asset might be impaired. At the transition date, the Group had goodwill assets with a net book value of Â£216,000 which under the transitional arrangements laid out in IFRS 1 was deemed to be the cost carried forward for this asset from that date. During the year ended 31 December 2006, under UK GAAP, a goodwill amortisation charge of Â£15,000 was made, which has been credited back to the income statement under IFRS. No acquisitions were made by the Group after 1 January 2006. 5.2 IAS 19 'Employee Benefits' IAS 19 requires companies to make an accrual for holiday pay. At the date of transition a Â£2,000 holiday pay accrual was recognised with a corresponding adjustment being made to retained earnings. At 31 December 2006, the accrual increased to Â£3,000. At 30 June 2007, the accrual is Â£23,000. IAS 39 'Financial Instruments' In March 2006, the Group entered into an interest swap agreement to hedge to Group's interest rate exposure. Under UK GAAP, the Group's policy was that swap instruments were not recognised until the hedged future transaction occurred, when the gain or loss was recorded in the Profit and Loss account to offset the gain or loss on the hedged item. Under IAS 39, such an instrument is classified as 'fair value through profit and loss' and is required to be recorded at its fair value at each balance sheet date, with movements in the fair value recorded in the income statement, unless hedge accounting criteria are met. The Group does not meet the hedge accounting criteria set out within this standard, therefore the movement in the fair value of the swap has been recorded in the Income Statement. At 31 December 2006, the fair value of the hedge was Â£44,000. Norish plc Transition to International Financial Reporting Standards Appendix 1 Restatement of Group Accounting Policies Introduction Following are the restated Group accounting policies that the Directors have established in order to produce the interim financial statements in accordance with IFRS and which the Directors anticipate will be complied with in the annual financial statements for the year ending 31 December 2007, the Group's first IFRS financial statements. The date of transition to IFRS for the Group is 1 January 2006. These accounting policies are based on the assumption that all existing standards in issue from the IASB will be fully endorsed by the EU, however, these are subject to ongoing amendment by the IASB and subsequent endorsement by the EU, and are therefore subject to possible change. The consolidated financial statements will be prepared on a historical cost basis except for certain items which will be measured at fair value, as discussed in the accounting policies below. Some of the policies will only be applied from 1 January 2006 because of the transitional arrangements for first time adoption of IFRS as noted in the individual policies where applicable. Basis of consolidation The consolidated financial statements include the results of Norish plc and its subsidiary undertakings for that period. The results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated Income Statement from the date of acquisition or up to the date of disposal. Upon the acquisition of a business, fair values are attributed to the identifiable net assets acquired. Goodwill arising on acquisitions is dealt with as set out below. Business combinations and goodwill Goodwill represents the excess of the fair value of the purchase consideration for the subsidiary undertakings over the fair value of the identifiable assets, including any intangible assets identified, and liabilities of a subsidiary at the date of acquisition. Goodwill arising on acquisitions is capitalised and subject to impairment review at least annually, but also when there are indications that the carrying value may not be recoverable. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Prior to 1 January 1997, goodwill was written off to reserves in the year of acquisition. Goodwill after this date until the adoption of IFRS on 1 January 2006 was capitalised and amortised over its useful economic life, which was presumed to be 20 years. The Group has elected not to apply IFRS 3 'Business combinations' retrospectively to business combinations that took place before 1 January 2006 and, as a result, all goodwill arising from prior business combinations has been frozen at the transition date. Any goodwill remaining on the balance sheet at transition is no longer being amortised but is subject to impairment review. Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and any impairment in value. Historical cost includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when the costs provide enhancement, it is probable that future economic benefits associated from the item will flow to the Group and the cost of the enhancement can be measured reliably. All other repair and maintenance costs are charged to the income statement during the financial period in which they are incurred. With the exception of freehold land, depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment by equal annual instalments over their estimated useful economic lives (or lease terms if shorter) which are as follows: Freehold buildings 50 years Leasehold buildings 35 years Plant and equipment 3 to 14 years Freehold land is not depreciated. Impairment charges The Company considers at each reporting date whether there is any indication that non-current assets are impaired. If there is such an indication, the Company carries out an impairment test by measuring the assets' recoverable amount, which is the higher of the assets' fair value less costs to sell and their value in use. If the recoverable amount is less than the carrying amount an impairment loss is recognised, and the assets are written down to their recoverable amount. Revenue recognition Revenue, which arises principally from storage and handling income, represents net sales to customers outside the Group, and excludes Value Added Tax. Income from sub-letting of warehouses is also included in revenue. An appropriate portion of handling revenue is deferred until the despatch of goods out. Revenue in respect of the storage is invoiced in advance and is recognised over the period that the storage is provided Revenue from all other activities is recognised in the periods in which the services are provided. Derivative financial instruments The Group utilises interest rate swaps to hedge against its interest rate exposure. Such instruments are classified as financial instruments at fair value through profit and loss. The interest rate swaps are recorded at fair value at each balance sheet date. Fair value is estimated using the settlement rates at each balance sheet date. All recognised gains or losses resulting from the settlement of the contract are recorded within Finance Expenses in the Income Statement. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax, including Irish Corporation tax and foreign tax, is provided on the Group's taxable profits, at amounts expected to be paid using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured on a non-discounted basis at the rates expected to apply when the differences are expected to reverse. Deferred tax assets are recognised to the extent that the Directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Provision is made for the tax that would arise on the remittance of the retained earnings of overseas subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as receivable. Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the Company's functional and presentational currency. The Group determines the functional currency of each entity and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies by individual entities are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the income statement. Government grants Capital grants received are shown as deferred income and credited to the Income Statement by instalments on a basis consistent with the depreciation policy of the relevant assets. Other grants are credited to the Income Statement to offset the matching expenditure. Leased assets Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Expenditure on operating leases is charged to the Income Statement on a basis representative of the benefit derived from the asset, normally on a straight-line basis over the lease period. Benefits received as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Assets held under finance leases are capitalised and included in property, plant and equipment at fair value. Depreciation is calculated using expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. The capital elements of obligations under finance leases are recorded as liabilities. The interest elements of the rental obligations are allocated to accounting periods over the lease term to give a constant periodic rate of interest on the outstanding liability. Pension costs The costs of providing defined contribution pensions are charged to Administrative expenses as they fall due. The scheme funds are administered by trustees and are independent of the Group's finances. Differences between the amounts charged to the Income Statement and payments made to the pension scheme are treated as prepayments or accruals, as necessary. Dividends Distributions to equity holders are not recognised in the income statement, but are disclosed as a component of the movement in shareholders' equity. Dividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are appropriately authorised and no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. Provision for impairment of trade receivables Trade receivables are first assessed individually for impairment, or collectively where the receivables are not individually significant. Where there is no objective evidence of impairment for an individual receivable, it is included in a group of receivables with similar credit risk characteristics and these are collectively assessed for impairment. Movements in the provision for impairment of trade receivables are recorded in the income statement. Net cash and cash equivalents Net cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of less than three months, reduced by overdrafts to the extent that there is a right of offset against other cash balances. Norish plc Transition to International Financial Reporting Standards Appendix 2 Restatement of the Balance Sheet as at 1 January 2006 from UK GAAP to IFRS Reformatted Employee As restated in UK GAAP as benefits accordance Previsously IAS 19 with IFRS stated (Unaudited) (Unaudited) Â£'000 Â£'000 Â£'000 Assets Non current assets Goodwill 216 - 216 Property, plant and equipment 13,077 - 13,077 ---------- ---------- ---------- 13,293 - 13,293 ---------- ---------- ---------- Current assets Trade and other receivables 2,904 - 2,904 Current tax assets 199 - 199 Cash and cash equivalents 284 - 284 ---------- ---------- ---------- 3,387 - 3,387 ---------- ---------- ---------- Liabilities Current liabilities Trade and other payables (2,402) (2) (2,404) Bank overdraft and loans (500) - (500) --------- --------- --------- (2,902) (2) (2,904) --------- --------- ---------- --------- --------- --------- Net current assets 485 (2) 483 --------- --------- --------- Non-current liabilities Bank loans (7,000) - (7,000) Deferred tax (633) - (633) --------- --------- --------- (7,633) - (7,633) --------- --------- --------- Net assets 6,145 (2) 6,143 ========= ========= ========= Equity Share capital 1,493 - 1,493 Share premium account 3,156 - 3,156 Capital conversion reserve fund 23 - 23 Retained earnings 1,473 - 1,471 --------- --------- --------- Equity attributable to equity holders of the parent 6,145 (2) 6,143 ========= ========= ========= Norish plc Transition to International Financial Reporting Standards Appendix 3 Restatement of the Income Statement for the Year Ended 31 December 2006 from UK GAAP to IFRS As restated Reformatted Business Employee Financial in UK GAAP as combinations benefits instruments accordance previously IFRS 3 IAS 19 IAS 39 with IFRS stated (Unaudited) (Unaudited) (Unaudited) (Unaudited) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing operations Revenue 10,671 - - - 10,671 Cost of sales (9,474) - - - (9,474) --------- --------- --------- --------- --------- Gross profit 1,197 - - - 1,197 --------- --------- --------- --------- --------- Administrative expenses (382) 15 (1) - (368) --------- --------- --------- --------- --------- Operating / profit from continuing operations 815 15 (1) - 829 --------- --------- --------- --------- --------- Finance expenses (425) - - - (425) Finance income 40 - - 44 84 --------- --------- --------- --------- --------- Profit on continuing activities before taxation 430 15 (1) 44 488 --------- --------- --------- --------- --------- Tax on loss on ordinary activities (177) - - (13) (190) --------- --------- --------- --------- --------- Profit for the period attributable to shareholders 253 15 (1) 31 298 ========= ========= ========= ========= ========= Profit per share expressed in pence per share: From continuing operations - basic 2.99p 3.5p - diluted 2.99p 3.5p Norish plc Transition to International Financial Reporting Standards Appendix 4 Restatement of the Balance Sheet as at 31 December 2006 from UK GAAP to IFRS Reformatted Business Employee Financial As restated in UK GAAP as combinations benefits instrument accordance previously IFRS 3 IAS 19 IAS 39 with IFRS stated (Unaudited) (Unaudited) (Unaudited) (Unaudited) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Assets Non current assets Goodwill 201 15 - - 216 Property, plant and equipment 12,903 - - - 12,903 --------- --------- --------- --------- --------- 13,104 15 - - 13,119 --------- --------- --------- --------- --------- Current assets Trade and other receivables 2,762 - - - 2,762 Financial asset: Fair value of interest rate swap - 44 44 Cash and cash equivalents 584 - - - 584 --------- --------- --------- --------- --------- 3,346 - - 44 3,390 --------- --------- --------- --------- --------- Liabilities Current liabilities Trade and other payables (2,391) - (3) - (2,394) Current tax liabilities (154) - - - (154) Bank overdraft and loans (500) - - - (500) --------- --------- --------- --------- --------- (3,045) - (3) - (3,048) --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Net current assets 301 - (3) 44 342 --------- --------- --------- --------- --------- Non-current liabilities Bank loans (6,500) - - - (6,500) Deferred tax (651) - - (13) (664) --------- --------- --------- --------- --------- (7,151) - - (13) (7,164) --------- --------- --------- --------- --------- Net assets 6,254 15 (3) 31 6,297 --------- --------- --------- --------- --------- Equity Share capital 1,493 - - - 1,493 Share premium account 3,156 - - - 3,156 Capital conversion reserve fund 23 - - - 23 Retained earnings 1,582 15 (3) 31 1,625 --------- --------- --------- --------- --------- Equity attributable to equity holders of the parent 6,254 15 (3) 31 6,297 --------- --------- --------- --------- --------- Norish plc Transition to International Financial Reporting Standards Appendix 5 Restatement of the Cash Flow Statement for the Year Ended 31 December 2006 from UK GAAP to IFRS Business Employee Financial As restated in Reformatted UK combinations benefits instruments accordance with GAAP as IFRS 3 IAS 19 IAS 39 IFRS previously stated (Unaudited) (Unaudited) (Unaudited) (Unaudited) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing operations Profit on continuing activities before taxation 430 15 (1) 44 488 Adjustments for: Finance expenses 425 - - - - Finance income (40) - - (44) (84) Depreciation - property, plant and equipment 521 - - - 521 Amortisation of intangible fixed assets 15 (15) - - - Changes in working capital: Decrease in trade and other receivables 142 - - - 142 Decrease in payables (16) - 1 (15) ---------- -------- -------- --------- ---------- Cash absorbed from perations 1,477 - - - 1,477 ---------- -------- -------- --------- ---------- Cash generated from/(absorbed by) operating activities Interest paid - bank loans and overdrafts (420) - - - (420) Taxation paid 194 - - - 194 ---------- -------- -------- --------- ---------- Net cash absorbed by operating activities (226) - - - (226) ---------- -------- -------- --------- ---------- Investing activities Interest received 40 - - - 40 Purchase of property, plant and equipment (347) - - - (347) ---------- -------- -------- --------- --------- Net cash used in investing activities (307) - - - (307) ---------- -------- -------- --------- ---------- Financing activities Dividends paid to shareholders (144) - - - (144) ---------- -------- -------- --------- ---------- Net cash from financing activities (144) - - - (144) ---------- -------- -------- --------- ---------- ---------- -------- -------- --------- ---------- Net increase in cash and cash equivalents 800 - - - 800 ---------- -------- -------- --------- ---------- Cash and cash equivalents at the beginning of the period (7,216) - - - (7,216) ---------- -------- -------- --------- ---------- Cash and cash equivalents at end of period (6,416) - - - (6,416) ---------- -------- -------- --------- ---------- This information is provided by RNS The company news service from the London Stock Exchange DLFFDKBFBBK

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