CURRENT TRADING AND IFRS

19 Jul 2005 09:30

Intermediate Capital Group PLC19 July 2005 Tuesday 19th July 2005 CURRENT TRADING AND IFRS Intermediate Capital Group PLC, Europe's leading independent provider ofmezzanine finance, is updating the market on current trading and its initialview on the impact of IFRS. Current Trading: Core income for the six months to 31 July 2005, as prepared under UK GAAP, willbe in line with expectations. However, increased exit opportunities mean thatcapital gains have been particularly strong in the first half of the year. IFRS: The adoption of IFRS does not affect the underlying operation or cash flows ofthe group. However, had IAS32 and IAS 39 been in force for the year ended 31January 2005, the earlier recognition of (i) net interest income, using theEffective Interest Rate, and (ii) capital gains, as a result of the inclusion ofpart of the warrant portfolio at current value, would have led to increasedearnings for the year. This will also be reflected in the higher level ofshareholders funds at 1 February 2005. A full audited transitional statementwill be made in early September, with the interim results, prepared under IFRS,being announced during the second week of October. Enquiries: Tom Attwood, Managing Director, Intermediate Capital Group PLC (020) 7628 9898Gill Ackers/Helen Barnes, Brunswick Group LLP (020) 7404 5959 This information is provided by RNS The company news service from the London Stock Exchange