Dairy Crest Regulatory News (DCG)

7 Nov 2005 10:39

Dairy Crest Group PLC07 November 2005 7 November 2005 Dairy Crest Group plcRestatement of financial information under International Accounting Standardsand International Financial Reporting Standards Dairy Crest Group plc today releases a restatement of results for the half yearended 30 September 2004 and the full year ended 31 March 2005 in accordance withInternational Financial Reporting Standards ("IFRS"). These results will formthe comparative data for the Group's interim and full year results for 2006. There is no change to the Group's underlying operations under IFRS and, inparticular, there is no impact on the Group's cash flows. The move to IFRS hasno direct impact on our bank covenants as these are based on "frozen GAAP". The financial restatements result in a: • £8.5 million decrease in adjusted profit before tax and special items (including share of joint ventures) for the year ended 31 March 2005. • 3.2 pence increase in 2005 full year earnings per share. • 5.4 pence decrease in 2005 full year adjusted earning per share. • £56.8 million decrease in net assets at 1 April 2004 principally due to the recognition of the net pension liability of £70.5 million offset by the reversal of the final dividend of £16.5 million. • £52.1 million decrease in net assets at 31 March 2005 principally due to the recognition of the net pension liability of £77.3 million offset by the reversal of the final dividend of £17.7 million. The standards that give rise to the most significant changes to the GroupAccounts on transition from UK GAAP to IFRS are as follows: • IFRS 3 "Business combinations" - cessation of goodwill amortisation. • IFRS 2 "Share-based payments" - inclusion of a charge for share based payments based on the fair values of these awards. • IAS 23 "Borrowing costs" - election of cessation of interest capitalisation. • IAS 19 "Employee benefits" - inclusion on the balance sheet of the net pension liabilities. • IAS 10 "Events after the balance sheet date" - dividend liability recognised when approved. • IAS 39 "Financial Instruments: Recognition and Measurement" - recognition of financial instruments at fair value or amortised cost at 1 April 2005. The Consolidated Balance sheets at 1 April 2004, 31 March 2005 and 1 April 2005and the results for the year ended 31 March 2005 as restated under IFRS areaudited. The Consolidated Balance sheet at 30 September 2004 and the results forthe period ended 30 September 2004 as restated under IFRS are unaudited. Thefull restated financial information is available through the investor relationssection of the company's website at www.dairycrest.co.uk. Dairy Crest will announce its interim results for the six months ended 30September 2005 on Thursday 10 November 2005. For further information: Dairy Crest Group plc Tel: 01372 472200Alastair Murray, Finance DirectorWill Shaw, Investor Relations Brunswick Tel: 020 7404 5959William Cullum / Laura Cummings This information is provided by RNS The company news service from the London Stock Exchange