IFRS - 2004 Half-Year
16 9월 2005 - 5:00PM
UK Regulatory
RNS Number:3528R
Woolworths Group PLC
16 September 2005
Woolworths Group plc
Adoption of International Financial Reporting Standards
Restatement of interim results to 31 July 2004
16 September 2005
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In advance of next week's announcement of interim results for the half-year to
30 July 2005 Woolworths Group plc ("Woolworths") today releases its unaudited
financial results for the half-year to 31 July 2004 restated under International
Financial Reporting Standards ("IFRS") as part of the process for the adoption
of IFRS as its primary accounting basis for the year ending 28 January 2006. The
financial results for the year ending 29 January 2005 restated under IFRS were
announced on 5 July 2005. A copy of that announcement is available on our
website: www.woolworthsgroupplc.co.uk
The key changes to Woolworths' reported financial information under IFRS as at
31 July 2004 remained:
* recognition of all employee benefit related obligations, principally
pensions and share based payments;
* recognition of lease incentives received over the entire term of the lease
rather than up to the first market rent review;
* amortisation of goodwill credited back to the income statement;
* recognition of deferred tax liabilities on temporary differences.
For the half-year ended 31 July 2004, the impact on losses from the adoption of
IFRS is an increase in loss before tax, exceptional costs and goodwill
amortisation of #3.7m from #32.9m to #36.6m. The loss after tax increases from
#23.0m to #24.3m. Net assets are reduced by #84.4m from #429.7m to #345.3m at 31
July 2004.
None of the adjustments arising from IFRS relate to cash, and therefore there is
no impact on reported cash flows.
Please note that this announcement is purely a restatement of the interim
results released in September 2004. It does not reflect subsequent changes such
as the disposal of MVC which will be treated as a discontinued activity in the
current year.
Woolworths will announce interim results for the period ended 30 July 2005 on
Wednesday 21 September 2005.
For further information contact:
Stephen East, Group Finance Director 0207 479 5179
Celia Gordon-Shute, Tulchan Communications 0207 353 4200
Woolworths Group plc
Adoption of International Financial Reporting Standards
Restatement of interim results to 31 July 2004
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Contents
1. INTRODUCTION
2. SUMMARY OF FINANCIAL IMPACT
3. RESTATED IFRS CONSOLIDATED STATEMENTS
4. ADJUSTED EARNINGS PER SHARE
5. OTHER INFORMATION
Appendices - Detailed reconciliation of UK GAAP to IFRS
1. INTRODUCTION
Woolworths Group plc and its subsidiaries (the "Group") have historically
prepared consolidated financial statements under UK Generally Accepted
Accounting Practice ("UK GAAP"). For the year ending 28 January 2006 the Group
will be required to prepare its financial statements in accordance with
International Financial Reporting Standards ("IFRS"). Accordingly, in advance of
the Group's interim results for the 6 month period ending 30 July 2005, the
Group's interim results for the 6 month period ended 31 July 2004 are being
restated.
This document explains how the Group's reported UK GAAP financial results for
the half year ended 31 July 2004 and its financial position as at that date
would have been reported under IFRS. It includes:
* the Group's consolidated income statement for the half-year ended
31 July 2004;
* the Group's consolidated statement of recognised income and expense for
the half-year ended 31 July 2004;
* the Group's consolidated balance sheet at 31 July 2004.
The financial information presented in this document is unaudited.
Detailed reconciliations to assist the reader in understanding the nature and
size of differences between UK GAAP and IFRS are included in the Appendices.
2. SUMMARY OF FINANCIAL IMPACT
The following table summarises the impact of IFRS:-
Loss before tax,
exceptional costs and Net assets
goodwill amortisation Loss after tax
Half year to Half year to 31 July 2004
31 July 2004 31 July 2004
#m #m #m
Total reported under UK GAAP (32.9) (23.0) 429.7
Pensions (1.0) (0.7) (64.0)
Share based payments (0.8) (0.8) -
Lease incentives (0.9) (0.6) (14.3)
Reversal of dividend accrual - - 5.5
Goodwill amortisation write back - 1.5 1.5
IAS 12 tax adjustments - - (12.2)
Other (1.0) (0.7) (0.9)
Total reported under IFRS (36.6) (24.3) 345.3
3. RESTATED IFRS CONSOLIDATED STATEMENTS
Group Income Statement
For the 26 weeks to 31 July 2004
2004 2004
(under UK GAAP) Adjustments for IFRS (restated under IFRS)
Total
Note #m #m #m
Turnover - Group and share of joint
ventures
Continuing operations 1,125.7 1,125.7
Less: share of joint venture's turnover (14.9) 14.9 -
Group turnover 1,110.8 14.9 1,125.7
Cost of sales (802.4) (16.5) (818.9)
Gross profit 308.4 (1.6) 306.8
Selling expenses (275.8) (1.3) (277.1)
Administrative expenses (70.7) 1.5 (69.2)
Other operating income 7.6 - 7.6
Group operating loss (30.5) (1.4) (31.9)
Share of operating profit in joint 0.1 (0.1) -
Operating loss including joint ventures (30.4) (1.5) (31.9)
Finance income 1.8 - 1.8
Finance costs (5.8) (0.7) (6.5)
Loss before taxation (34.4) (2.2) (36.6)
Income tax credit 11.4 0.9 12.3
Loss on ordinary activities after (23.0) (1.3) (24.3)
taxation
Attributable to:
Equity holders of the company (23.0) (1.3) (24.3)
Minority interest (0.1) - (0.1)
(23.1 (1.3) (24.4)
Earnings per share (pence)* 4
Basic (1.6) (0.1) (1.7)
Basic adjusted (1.5) (0.2) (1.7)
* For the period above where a loss is reported, diluted earnings per share are
equal to the basic earnings per share.
Group Statement of Recognised Income and Expense
For the 26 weeks to 31 July 2004
2004 2004 2004
Adjustments (restated under IFRS)
(under UK for IFRS Total
GAAP)
#m #m #m
Loss for the financial period (23.0) (1.3) (24.3)
Actuarial loss on defined benefit scheme 2.8 2.8
Total loss recognised in the period (23.0) 1.5 (21.5)
3. RESTATED IFRS CONSOLIDATED STATEMENTS
Group Balance Sheet
At 31 July 2004 and 31 January 2004
31 July 31 July 31 July 31 January
2004 2004 2004 2004
(under UK GAAP) Adjustments for IFRS (restated under IFRS) (restated under IFRS)
#m #m #m #m
Assets
Non-current assets
Property, plant and equipment 335.3 (24.8) 310.5 294.4
Intangible fixed assets 56.7 26.3 83.0 88.0
Investments - associates 0.2 0.2 0.2
- joint ventures - share 13.8 (13.8) - -
of gross assets
- share of gross liabilities (13.8) 13.8 - -
Deferred tax asset - 27.7 27.7 28.4
392.2 29.2 421.4 411.0
Current assets
Stocks 402.5 (5.9) 396.6 359.5
Trade and other receivables 149.1 (0.5) 148.6 166.9
Cash and cash equivalents 27.8 (0.1) 27.7 155.2
579.4 (6.5) 572.9 681.6
Total assets 971.6 22.7 994.3 1,092.6
Equity
Called up share capital 178.9 - 178.9 177.8
Other reserves 27.2 - 27.2 27.2
Retained earnings 223.3 (84.4) 138.9 176.0
429.4 (84.4) 345.0 381.0
Minority interests 0.3 - 0.3 0.2
Total equity 429.7 (84.4) 345.3 381.2
Liabilities
Non-current liabilities
Borrowings 98.8 - 98.8 98.5
Deferred income tax liabilities 12.1 4.2 16.3 28.8
Retirement benefit obligations - 92.3 92.3 94.5
Provisions for other 7.4 - 7.4 3.8
liabilities and charges
118.3 96.5 214.8 225.6
Current liabilities
Trade and other payables 357.8 10.5 368.3 466.0
Current income tax liabilities 5.0 0.1 5.1 16.0
Borrowings 60.8 - 60.8 3.8
423.6 10.6 434.2 485.8
Total liabilities 541.9 107.1 649.0 711.4
Total equity and liabilities 971.6 22.7 994.3 1,092.6
4. ADJUSTED EARNINGS PER SHARE
For the 26 weeks to 31 July 2004
2004 2004
Weighted average Restated under Under UK GAAP
IFRS
number of Per share Per share
Earnings Adjustments Earnings shares Amount Amount
for IFRS
#m #m #m m Pence Pence
Basic earnings per share
Earnings attributable (23.1) (1.2) (24.3) 1,403.4 (1.7) (1.6)
to ordinary shareholders
Effect of dilutive -
share options
Diluted earnings per (23.1) (1.2) (24.3) 1,403.4 (1.7) (1.6)
share
Supplementary
earnings per share
Basic earnings per share (23.1) (1.2) (24.3) 1,403.4 (1.7) (1.6)
Effect of exceptional - - - - - -
items
Tax impact arising on - - - - - -
exceptional items
Basic earnings per (23.1) (1.2) (24.3) 1,403.4 (1.7) (1.6)
share before
exceptional items
Amortisation of 1.5 (1.5) - - - 0.1
acquisition goodwill
Basic - adjusted (21.6) (2.7) (24.3) 1,403.4 (1.7) (1.5)
earnings per share
For the period above where a loss is reported, diluted earnings per share are equal to the basic earnings per share.
5. OTHER INFORMATION
The enclosed financial information is derived from the full Group Financial
Statements for the 26 weeks ended 31 July 2004 and does not constitute the full
statutory statements of Woolworths Group plc within the meaning of section 240
of the Companies Act 1985 (as amended).
APPENDICES
CONSOLIDATED INCOME STATEMENT
For the 26 weeks to 31 July 2004
Joint venture IAS 19 Goodwill SIC 15 IFRS 2 FX Holiday Restated
Reported proportionate Employee amortisation Lease Share pay under
under consolidation benefits incentives based IFRS
UK GAAP payments
#m #m #m #m #m #m #m #m #m
Revenue 1,110.8 14.9 1,125.7
Cost of sales (802.4) (14.6) (1.9) (818.9)
Gross profit 308.4 0.3 (1.9) 306.8
Selling costs (275.8) (0.3) (0.1) (0.9) (277.1)
Administrative (70.7) 0.1 (0.2) 1.5 (0.8) 0.9 (69.2)
expenses
Other operating 7.6 7.6
income
Group operating (30.5) 0.1 (0.3) 1.5 (0.9) (0.8) (1.9) 0.9 (31.9)
loss
Share of 0.1 (0.1) -
operating
profit in
joint ventures
Operating (30.4) - (0.3) 1.5 (0.9) (0.8) (1.9) 0.9 (31.9)
loss including
joint ventures
Finance income 1.8 1.8
Finance costs (5.8) (0.7) (6.5)
Loss before (34.4) - (1.0) 1.5 (0.9) (0.8) (1.9) 0.9 (36.6)
taxation
Tax on loss 11.4 - 0.3 0.3 - 0.6 (0.3) 12.3
on ordinary
activities
Loss after (23.0) - (0.7) 1.5 (0.6) (0.8) (1.3) 0.6 (24.3)
taxation
CONSOLIDATED BALANCE SHEET
As at 31 July 2004
Good- IAS 19 Prop-
will Employ- ortionate
Reallocation amort- ee consoli- IAS 12 SIC 15 Other Restated
Reported to intan- isation benefits dation Holiday Lease (FX and under
under gible of JV Pay Taxation incentives dividend) IFRS
UK GAAP assets
#m #m #m #m #m #m #m #m #m #m
Non-current assets
Property, plant and 335.3 (24.8) 310.5
equipment
Intangible fixed 56.7 24.8 1.5 83.0
assets
Investments - 0.2 0.2
associates
Joint ventures 13.8 (13.8) -
- share of gross
assets
- share of gross (13.8) 13.8 -
liabilities
Deferred tax asset - 27.7 27.7
392.2 - 1.5 27.7 - 421.4
Current assets
Stocks 402.5 0.1 (6.0) 396.6
Trade and other 149.1 (0.8) 0.3 148.6
receivables
Cash and cash 27.8 (0.1) 27.7
equivalents
579.4 (0.8) 0.3 (6.0) 572.9
Total assets 971.6 - 1.5 27.7 (0.8) 0.3 (6.0) 994.3
Equity
Called up share 178.9 178.9
capital
Other reserves 27.2 27.2
Retained earnings 223.3 1.5 (64.0) (0.6) (12.2) (14.3) 5.2 138.9
429.4 1.5 (64.0) (0.6) (12.2) (14.3) 5.2 345.0
Minority interests 0.3 0.3
Total equity 429.7 1.5 (64.0) (0.6) (12.2) (14.3) 5.2 345.3
Liabilities
Non-current liabilities
Borrowings 98.8 98.8
Deferred income tax 12.1 (0.2) 12.2 (6.2) (1.6) 16.3
liabilities
Retirement benefit - 92.3 92.3
obligations
Provisions for other 7.4 7.4
liabilities and charges
118.3 92.3 (0.2) 12.2 (6.2) (1.6) 214.8
Current liabilities
Trade and other 357.8 (0.6) (0.9) 1.1 20.5 (9.6) 368.3
payables
Current income tax 5.0 0.1 5.1
liabilities
Borrowings 60.8 60.8
423.6 (0.6) (0.8) 1.1 20.5 (9.6) 434.2
Total liabilities 541.9 91.7 (0.8) 0.9 12.2 14.3 (11.2) 649.0
Total equity and 971.6 - 1.5 27.7 (0.8) 0.3 - - (6.0) 994.3
liabilities
END
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