Tt Electronics Regulatory News (TTG)

27 Jul 2005 12:45

TT electronics PLC27 July 2005 27 July 2005 International Financial Reporting Standards TT electronics plc is required to prepare its consolidated financial statementsusing International Financial Reporting Standards ("IFRS") from 1 January 2005. Accordingly, TT electronics plc has sent a circular to shareholders setting outthe Group's interim and full year income statements, balance sheets and cashflows for 2004 under IFRS. In each case a reconciliation of the figures isprovided to the previously reported UK GAAP results with explanatory notes. TheGroup's accounting policies under IFRS are also contained in the circular. The major effects under IFRS on TT electronics plc are that pension fundobligations and the associated deferred tax, which were previously reported in anote to the accounts, are recorded on the balance sheet; development costs whichwere previously written off are capitalised and amortised, and dividends are notaccrued until the accounting period in which they are declared. Other changesrelate to accounting for deferred tax, financial instruments, share options,leases and goodwill. There are also differences in presentation and terminology. The effect of these changes on the results and balance sheets reported are:profit before taxation for 2004 was £27.5 million (UK GAAP: £27.6 million); netassets at 31 December 2004 were £166.7 million (UK GAAP: £199.5 million). Theoverall cash flows of the Group are unchanged. The consolidated statements in the circular are unaudited and will be the basisfor the comparative figures in the 2005 Interim and Annual Reports. A copy of this circular can be obtained during normal business hours on anyweekday (excluding public holidays) from the Company's registered office: CliveHouse, 12-18 Queens Road, Weybridge, Surrey, KT13 9XB. The circular is alsoavailable at www.ttelectronics.com For further information please contact: TT electronics plcJohn Newman, Executive Chairman Tel: 01932 856 647 This information is provided by RNS The company news service from the London Stock Exchange