Serabi Regulatory News (SRB)

13 Mar 2007 07:00

Serabi Mining plc13 March 2007 SERABI MINING plc ("Serabi" or "the Company") Adoption of IFRS and Restatement under IFRS An EU directive requires Serabi to adopt IFRS from 1 January 2007. Serabi hasvoluntarily chosen to adopt the provisions of the International FinancialReporting Standards earlier. The adoption is with effect from 1 January 2006. As a result of this change the Company is required to restate previouslyreported results and the accompanying information sets out the revised IncomeStatement, Balance Sheet and Cash Flow Statement for the previous financialperiod (3 months ended 31 December 2005) together with the notes explaining theeffect of the transition. The Company had already adopted the provisions of IFRS 2 (Share-based Payments)for the purposes of its previously reported figures. The principal effect ofthe IFRS is therefore in respect of foreign exchange impacts, as a result of aneed to vary the Company's previous UK GAAP compliant policy on translation ofnon monetary assets denominated in foreign currencies to comply with IFRS. Theoverall effect of the restatement under IFRS has been to increase EquityShareholder Funds by US$1.98 million as at 31 December 2005 to US$28.6 million.There has been no effect on the previously reported Income Statement. Enquiries Serabi Mining plcGraham Roberts Tel: 020 7220 9550Chairman Mobile: 07768 902475 Clive Line Tel: 020 7220 9553Finance Director Mobile: 07710 151 692 E-mail: contact@serabimining.comWebsite: www.serabimining.com This information is provided by RNS The company news service from the London Stock Exchange