Last checked at 31 Mar 2015 13:04
Replacement of announcement with RNS Number: 9176I.
Subsequent to the release of the announcement at 07.15 a.m. today, Inland ZDP PLC has identified an error in the calculation of certain ratios. Deferred consideration for land purchases with no recourse to the assets of the Inland Group other than to the asset purchased should be treated as a trade liability for the purpose of calculating the Cover Ratio and Gearing Ratio in accordance with the definitions set out in the Prospectus published by Inland ZDP PLC on 14 December 2012. The original calculations treated this liability as Financial Indebtedness. The text below shows the corrected ratios.
Inland ZDP PLC
Adoption of new accounting standard affects gearing and cover ratios
31 March 2015
Inland ZDP plc's interim report for the six months ended 31 December 2014 contained certain cover ratio statistics derived from the Inland Homes plc consolidated half-yearly results as at 31 December 2014.
Following a review of Group accounting policies the board of Inland Homes PLC, in agreement with the Group's auditors, decided yesterday that the adoption of IFRS 10 necessitates the inclusion of the assets and liabilities of a company which owns land at Wilton Park in Beaconsfield, Buckinghamshire into the consolidated half-yearly statements of the Group. This is due to an option arrangement the Group has with the land owner.
This change has no effect on the half-yearly financial results of Inland ZDP plc as at 31 December 2014; however it has resulted in a change in the asset cover and gearing ratios as at that date. These changes are as follows:
Original announcement | Re-stated | |
Cover Ratio (Assets / Financial Indebtedness) | 3.6 times | 3.2 times |
Gearing Ratio | 24 per cent | 27 per cent |
Inland Homes plc continues to comply with all of its covenants under the Loan Note, Contribution Agreement and related security documentation.
Capital Entitlement, Assets, Financial Indebtedness, Cover Ratio and Gearing Ratio have been determined as set out in the Prospectus published by Inland ZDP PLC on 14 December 2012, which is available at: http://www.inlandhomes.co.uk/inland-zdp-plc/.
Enquiries:
Inland ZDP PLC
Nishith Malde FCA Tel: 01494 762450