Adoption of IFRS
18 Juni 2008 - 12:00PM
UK Regulatory
RNS Number : 9758W
Hardide PLC
18 June 2008
Press Release 18 June 2008
Hardide plc
("Hardide" or "the Group")
Adoption of IFRS
Set out below are reconciliations to show the effect on the reported figures of the Group moving from UK Generally Accepted Accounting
Practice (UK GAAP) to International Financial Reporting Standards (IFRS). The reconciliations of equity as at 1 October 2006 (the date of
transition to IFRS) and as at 30 September 2007 (the date of our last UK GAAP financial statements), and the reconciliation of profit for
that year, as required by IFRS1 are shown below. In addition, a reconciliation of the effect of IFRS on the profit for the six months to
March 2007 and on the equity as at 31 March 2007 is shown in order to allow a comparison of the effects for each period.
The adoption of IFRS represents an accounting change only and does not affect the underlying operation of the business or Hardide's cash
flows.
First time adoption of IFRS
The Group's transition date to IFRS was 1 October 2006, which is the beginning of the comparative period for the year ended 30 September
2007. The Group has applied IFRS1 for the first time adoption of IFRS and has elected to use the following exemptions:
* Business combinations - business combinations that took place prior to 1
October 2006 have not been restated;
* Share-based payment - the Group has applied the requirements of IFRS2
Share-based payments to all grants of equity instruments after 7 November
2002 that were unvested as of 1 October 2006.
The key impacts of implementing IFRS with respect to the Group's consolidated accounts are:
Goodwill amortisation: In accordance with IFRS 3, goodwill is no longer amortised but is subject to annual impairment tests. Goodwill
amortised from 1 October 2006 is reversed and goodwill on earlier acquisitions is fixed at the 1 October 2006 value.
Negative goodwill: The balance of negative goodwill is written off at the opening balance sheet date.
Property, plant and equipment: In accordance with IAS 16, purchased software is classified as an intangible asset.
For further information:
Hardide plc
Robert Goddard / Peter Davenport / Jackie Robinson Tel: +44 (0) 1869 353 830
www.hardide.com
Seymour Pierce Limited
Nicola Marrin / Richard Feigen Tel: +44 (0) 20 7107 8000
nicolamarrin@seymourpierce.com / www.seymourpierce.com
richardfeigen@seymourpierce.com
Media enquiries:
Abchurch
Chris Lane / George Parker Tel: +44 (0) 20 7398 7719
george.parker@abchurch-group.com www.abchurch-group.com
Reconciliation of equity at 1 October 2006 (date of transition to IFRS)
Effect of transition
UK GAAP to IFRS IFRS
� '000 � '000 � '000
Assets
Non-current assets
Investments - - -
Goodwill (10) 81 71
Intangible assets - 9 9
Property, plant & equipment 1,753 (9) 1,744
Total non-current assets 1,743 81 1,824
Current assets
Inventories 102 - 102
Trade and other receivables 340 - 340
Other current financial assets 248 - 248
Cash and cash equivalents 1,803 - 1,803
Total current assets 2,493 - 2,493
Total assets 4,236 81 4,317
Liabilities
Current liabilities
Trade and other payables 485 - 485
Financial liabilities 98 - 98
Provisions - - -
Total current liabilities 584 - 584
Net current assets 1,909 - 1,909
Non-current liabilities
Financial liabilities 216 - 216
Total non-current liabilities 216 - 216
Total liabilities 800 - 800
Net assets 3,436 81 3,517
Equity
Share capital 1,467 - 1,467
Share premium 3,345 - 3,345
Retained earnings (1,387) 81 (1,306)
Share-based payments reserve - - -
Translation reserve 11 - 11
Total equity 3,436 81 3,517
Reconciliation of equity at 31 March 2007 (date of last UK GAAP interim statements)
Effect of transition
UK GAAP to IFRS IFRS
� '000 � '000 � '000
Assets
Non-current assets
Investments - - -
Goodwill 10 60 69
Intangible assets - 8 8
Property, plant & equipment 1,908 (8) 1,900
Total non-current assets 1,918 60 1,977
Current assets
Inventories 125 - 125
Trade and other receivables 426 - 426
Other current financial assets 164 - 164
Cash and cash equivalents 700 - 700
Total current assets 1,416 - 1,416
Total assets 3,333 60 3,393
Liabilities
Current liabilities
Trade and other payables 449 - 449
Financial liabilities 114 - 114
Provisions - - -
Total current liabilities 563 - 563
Net current assets 853 - 853
Non-current liabilities
Financial liabilities 164 - 164
Total non-current liabilities 164 - 164
Total liabilities 727 - 727
Net assets 2,606 60 2,666
Equity
Share capital 1,467 - 1,467
Share premium 3,345 - 3,345
Retained earnings (2,232) 60 (2,172)
Share-based payments reserve 22 - 22
Translation reserve 4 - 4
Total equity 2,606 60 2,666
Reconciliation of equity at 30 September 2007 (date of last UK GAAP financial statements)
Effect of transition
UK GAAP to IFRS IFRS
� '000 � '000 � '000
Assets
Non-current assets
Investments - - -
Goodwill 24 46 69
Intangible assets - 7 7
Property, plant & equipment 1,668 (7) 1,661
Total non-current assets 1,692 46 1,737
Current assets
Inventories 99 - 99
Trade and other receivables 648 - 648
Other current financial assets 147 - 147
Cash and cash equivalents 1,135 - 1,135
Total current assets 2,029 - 2,029
Total assets 3,721 46 3,767
Liabilities
Current liabilities
Trade and other payables 512 - 512
Financial liabilities 145 - 145
Provisions - - -
Total current liabilities 657 - 657
Net current assets 1,372 - 1,372
Non-current liabilities
Financial liabilities 893 - 893
Total non-current liabilities 893 - 893
Total liabilities 1,550 - 1,550
Net assets 2,171 46 2,217
Equity
Share capital 1,467 - 1,467
Share premium 3,345 - 3,345
Retained earnings (3,122) 46 (3,076)
Share-based payments reserve 450 - 450
Translation reserve 31 - 31
Total equity 2,171 46 2,217
Reconciliation of loss for six months ended 31 March 2007
Effect of transition
UK GAAP to IFRS IFRS
� '000 � '000 � '000
Revenue 1,105 - 1,105
Cost of Sales (581) - (581)
Gross Profit 525 - 525
Administrative expenses (1,229) - (1,229)
Depreciation and amortisation (195) (22) (217)
Operating profit (899) (22) (921)
Interest income 24 - 24
Finance costs (12) - (12)
Profit on ordinary activities before (887) (22) (909)
tax
Tax - - -
Profit for the period (887) (22) (909)
Reconciliation of loss for the year ended 30 September
2007
Effect of transition
UK GAAP to IFRS IFRS
� '000 � '000 � '000
Revenue 2,470 - 2,470
Cost of Sales (1,180) - (1,180)
Gross Profit 1,290 - 1,290
Administrative expenses (2,676) - (2,676)
Depreciation (439) (36) (475)
Operating profit (1,825) (36) (1,861)
Interest income 31 - 31
Finance costs (25) - (25)
Profit on ordinary activities before (1,819) (36) (1,855)
tax
Tax 24 - 24
Profit for the period (1,795) (36) (1,831)
This information is provided by RNS
The company news service from the London Stock Exchange
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