Gen.acc.8se.pf Regulatory News (GACA)

2 Mar 2006 10:00

General Accident PLC02 March 2006 INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERS GENERAL ACCIDENT PLC Results for the year ended 31 December 2005 These results are published for the benefit of preference shareholders of General Accident plc. The preference shareshave remained listed following the merger of the Company with Commercial Union plc, in June 1998 to form CGU plc(CGU), and the subsequent merger of CGU with Norwich Union plc in May 2000 to form Aviva plc (formerly CGNU plc). On the 20 December 2005, the Company sold its investment in its only subsidiary, Norwich Union Limited (formerly Norwich Union plc), to its parent company, Aviva plc. As a consequence the results presented below are for the Companyand not the General Accident Group. The income of the Company from this date consists primarily of interest on the loan consideration given to Aviva plc for the transfer of Norwich Union Limited. Total shareholders' funds of the Aviva plc Group increased during the period by £3,238 million to £,14,899 million at 31 December 2005. Operating profit of the Aviva plc Group was up 29%* to £2,904 million (2004 £2,224 million) and netoperating cash inflows in 2005 were £2,409 million (2004 £1,855 million). * Measured at constant rates of exchange. Summarised income statement Restated Unaudited Unaudited results resultsStatutory results 12 months to 12 months to 31 December 31 December 2005 2004 £m £m ------------- -----------Finance income 8,171 396------------------------------------------------------------------------------------------------------------------Total income 8,171 396Finance costs (53) (57)-------------------------------------------------------------------------------------------------------------------Profit on ordinary activities before tax 8,118 339Tax on profit on ordinary activities - 16------------------------------------------------------------------------------------------------------------------Profit for the year 8,118 355------------------------------------------------------------------------------------------------------------------ Summarised balance sheet Restated* Unaudited Unaudited 31 December 31 December 2005 2004 £m £m -------------- ----------- Total assets 25,637 22,866------------------------------------------------------------------------------------------------------------------Equity attributable to ordinary shareholders 20,048 18,771 Preference share capital 250 250------------------------------------------------------------------------------------------------------------------Total equity 20,298 19,021Other liabilities 5,339 3,845------------------------------------------------------------------------------------------------------------------Total equity and liabilities 25,637 22,866------------------------------------------------------------------------------------------------------------------ * Restated for the effect of changes in accounting policies to transition General Accident plc onto an IFRS basis.The total impact of the above restatement is to increase shareholders funds by £3,885 million at 31 December 2004. Statement of changes in equity Unaudited results 12 months to 31 December 2005 £m ------------- Total equity at 1 January 2005 on an IFRS basis 19,021Profit for the year 8,118Fair value movement net of transfers to the Income statement (5,642)Dividends (1,729)Issue of share capital 530------------------------------------------------------------------------------------------------------------------Total equity at 31 December 2005 20,298------------------------------------------------------------------------------------------------------------------ Summarised cash flow statement Restated Unaudited Unaudited 12 months to 12 months to 31 December 31 December 2005 2004 £m £m -------------- ----------- Net cash flow from operating activities - -Net cash flow from investing activities - -Net cash flow from financing activities 5 5------------------------------------------------------------------------------------------------------------------Increase in cash holdings 5 5------------------------------------------------------------------------------------------------------------------ Basis of preparation From 2005, all European Union listed companies are required to prepare financial statements using standards issued bythe International Accounting Standards Board (IASB). The listing rules in the UK require that the 2005 results mustalso be presented on a basis consistent with International Financial Reporting Standards (IFRS). Accordingly, the results of General Accident plc ("the Company") for the year to 31 December 2005 have been prepared using accountingpolicies under IFRS. These correspond to the Aviva plc accounting policies used as a basis of preparation of that Groups' results, as published on 2 March 2006. This is the Company's first set of financial results prepared in accordance with IFRS accounting policies and its 2004 comparatives have been restated to comply with IFRS, with the date of transition to IFRS being 1 January 2004. The impact of IFRS reduced the 31 December 2004 profit before tax by £1,361 million to £355 million, and increased shareholders' funds by £3,885 million, to £19,021 million. The preliminary announcement for the year to 31 December 2005 does not constitute statutory accounts as defined in Section 240 of The Companies Act 1985. The results on a UK GAAP basis for the year to 31 December 2004 have beenaudited by Ernst & Young LLP. The General Accident plc Annual Report and Accounts for 2004 have been filed with the Registrar of Companies. The auditors have reported on the 2004 UK GAAP statutory accounts, and their report wasunqualified and did not contain a statement under Section 237(2) or (3) of The Companies Act 1985. The audited results of Aviva plc for the year ended 31 December 2005 are available on application to the Group Company Secretary, Aviva plc, St. Helen's, 1 Undershaft, London EC3P 3DQ. A copy can also be found on the Aviva plc website at www.aviva.com. Enquiries: Charles Barrows, Investor Relations Director, Aviva plc 020 7662 8115 This information is provided by RNS The company news service from the London Stock Exchange