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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Expomedia Grp | LSE:EXP | London | Ordinary Share | GB0031056673 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3063E
Expomedia Group PLC
24 September 2007
24 SEPTEMBER 2007
EXPOMEDIA GROUP PLC
("Expomedia" or "the Group")
Update on adoption of International Financial Reporting Standards
Expomedia Group plc will be preparing its financial statements in accordance
with International Financial Reporting Standards as adopted by the EU ("Adopted
IFRSs") including International Accounting Standards ('IAS') and interpretations
published by the International Accounting Standards Board ('IASB') and its
committees, as adopted for use in the EU, with effect from the year ended 31
December 2007.
This financial information has been prepared on the basis of the recognition and
measurement requirements of adopted IFRSs as at 30 June 2007 that are effective
(or available for early adoption) at 31 December 2007, the Group's first annual
reporting date at which it is required to use adopted IFRSs. Based on these
adopted IFRSs, the directors have applied the accounting policies, as set out
below, which they expect to apply when the first annual IFRS financial
statements are prepared for the year ending 31 December 2007.
However, the adopted IFRSs that will be effective (or available for early
adoption) in the annual financial statements for the year ending 31 December
2007 are still subject to change and to additional interpretations and therefore
cannot be determined with certainty. Accordingly, the accounting policies for
that annual period will be determined finally only when the annual financial
statements are prepared for the year ending 31 December 2007.
This analysis explains how the Group's previously reported UK GAAP financial
performance and position will be reported under adopted IFRSs. It provides on
an adopted IFRS basis reconciliations from UK GAAP to IFRS for the following:
* the Group's consolidated income statement for the 6 months ended 30 June
2006 and the year ended 31 December 2006
* the Group's consolidated balance sheet as at 1 January 2006, 30 June 2006
and 31 December 2006
Attention is drawn to the fact that under adopted IFRSs, only a complete set of
financial statements comprising a balance sheet, income statement, statement of
recognised income and expense and cash flow statement together with comparative
information and explanatory notes can provide a true and fair presentation of
the company's position, results of operations and cash flows.
Summary
IFRS does not affect the underlying business performance of the Group and has no
impact on cash generated from operations. The most significant presentational
impact on the loss before tax for the year ended 31 December 2006 is the
reclassification of the loss on discontinued operations which is disclosed below
the profit after tax line under IFRS 5. This reclassification results in a
Euro12.1m reduction in reported loss before tax for the year ended 31 December
2006. Excluding this reclassification, the net impact on reported loss before
tax for the year ended 31 December 2006 is an improvement of Euro288,000, which is
principally due to a reduced amortisation charge. The table below sets out the
situation:
31 Dec 06 30 Jun 06
Profit /(loss) before Profit /(loss)
tax before tax
Euro'000 Euro'000
UK GAAP (15,314) (10,720)
Goodwill amortisation - added back 391 124
Goodwill amortisation - on newly recognised intangibles (92) (13)
Remove negative Goodwill release (15) (6)
Lease expense adjustment (16) (4)
Reclassify discontinued operations 10,677 9,328
Depreciation on development costs (Cologne Building) - added back 20 10
Employee Benefits accrual for holiday pay (50)
-
Subsequently discontinued operations 1,378 832
IFRS (2,971) (499)
The financial information presented is un-audited.
Basis of preparation
Wherever the Group has used estimates there has been no change to the bases or
amounts used for adopted IFRSs as against those used for UK GAAP.
1 IFRS 1 exemptions
IFRS 1, "First time adoption of International Financial Reporting Standards"
sets out the procedures that the Group must follow when it adopts IFRS for the
first time as the basis for preparing its consolidated financial statements. The
Group is required to establish its IFRS accounting policies as at 31 December
2006 and in general apply these retrospectively to determine the opening balance
sheet at its date of transition, 1 January 2006.
The standard provides a number of optional exceptions to this general principle.
The most significant of these are set out below, together with a description in
each case of the exception adopted by the Group.
a) Business combinations that occurred before the opening IFRS balance
sheet date (IFRS 3, "Business combinations")
The Group has elected not to apply IFRS 3 retrospectively to acquisitions that
took place before the date of transition, 1 January 2006.
All other business combinations since 1 January 2006 have been accounted for
under IFRS 3.
b) Share-based payments (IFRS 2 " Share-based payment")
The Group has elected to apply IFRS 2 to all share based payment transactions
granted after 7 November 2002 and to all those not fully vested at 1 January
2005.
c) Property, Plant and Equipment (IAS 16)
The Group has taken advantage of the exemption allowing a revaluation made under
previous GAAP to be used as the basis of deemed cost. This exemption has been
used in particular with respect to Long Leasehold land and buildings in Warsaw
which were revalued by independent valuers in 2004. The revaluation reserve
resulting from the 2004 revaluation has been reclassified to retained earnings.
2 Presentation of financial information
The primary statements within the financial information combined in this
document have been presented in accordance with IAS 1, "Presentation of
Financial statements". However this format and presentation may require
modification in the event that further guidance is issued as practice develops.
Key Impact Analysis
The analysis below sets out the most significant adjustments arising from the
transition to IFRS. These adjustments are quantified in Appendix 1.
1 Presentation of Financial statements
The format of the Group's primary financial statements has been presented in
accordance with IAS 1, "Presentation of Financial Statements".
The IFRS cash flow statement explains the changes in cash and cash equivalents
rather than just cash as under UK GAAP. Cassh equivalents under IFRS comprises
of short term deposits with maturity of less than three months from the date of
acquisition (IAS 7:7). The format of the cash flow statement changes with cash
flows being categorised under the headings of "operating" , "investing" and "
financing".
The key recognition, measurement and presentational differences are as follows:
Under adopted IFRSs:
Within the Income statement
* The results from discontinued operations have been reclassified as a single
line item, now disclosed after profit after tax.
Within the Balance sheet
* Deferred tax is shown separately on the face of the balance sheet and
disclosed as non-current
* Current tax liabilities are shown separately on the face of the balance
sheet
* Payments to acquire land under operating leases are reclassified as non-
current lease prepayment, formerly being included within Fixed Assets under UK
GAAP and assets.
* Computer software licences are included within intangible assets rather than
as a tangible asset under UK GAAP
2 Business combinations and intangible assets
a) Goodwill
IAS 38, "Intangible assets" states that goodwill is not amortised. Instead
goodwill is subject to an annual impairment review. As the group has elected not
to apply IFRS 3 retrospectively to business combinations prior to 1 January
2006, the goodwill balance included in the opening IFRS consolidated balance
sheet at 1 January 2006 has been recorded at its UK GAAP carrying value
(Euro4.6million).
In accordance with IFRS 3 "Business combinations", where arising, the excess of
the acquirer's interest in the net fair value of the acquiree's identifiable
assets, liabilities and contingent liabilities over cost (i.e. Negative
goodwill) is recognised immediately in profit and loss. Therefore the UK GAAP
carrying value of Negative Goodwill at 1 January 2006 has been credited to
retained earnings in the balance sheet at the date of transition.
b) Intangible assets acquired
Business combinations since 1st January 2006 have been accounted for in
accordance with IFRS 3, "Business combinations", with intangible assets
recognised at fair value and amortised over their useful economic lives where
they are separable or arise from a contractual or legal right. Intangible assets
relating to customer relationships, brand names and trade marks are being
amortised on a straight line basis over their estimated useful lives as shown
below:
Intangible asset categories Useful economic life
Customer relationships 5 to 10 yrs
Brand names and trade marks 10 to 20 yrs
3 Deferred and current taxes
Under IAS 12 deferred tax is assessed by comparing the balance sheet value of an
asset or liability to its tax base, which is broadly defined as the amount of
tax to be paid on realisation of an asset, or tax credit to be claimed on
settlement of a liability. Under UK GAAP deferred tax was assessed by comparing
the profit and loss account to the tax computation.
4 Holiday pay accrual
IAS 19 "Employee Benefits" requires a liability to be recognised for the
amount of accrued holiday pay for employees at the balance sheet date in respect
of any amounts which they are still entitled to at that time and accordingly the
accounts have been adjusted for this liability.
5 Discontinued operations
Discontinued operations are presented in accordance with IFRS 5 "Non current
assets held for sale and discontinued operations". Within the balance sheet the
assets and liabilities relating to operations held for sale at the balance sheet
date are separately disclosed. In the Income statement the profit or loss from
such operations is shown as one figure on the face of the statement with a
breakdown of that figure included within the notes.
Appendix 1
Accounting policies on adoption of International Financial Reporting Standards
Basis of preparation and compliance
Expomedia Group Plc is a UK AIM listed company, which together with its
subsidiary operations is hereafter referred to as the "Company". The Company is
required by AIM regulations to prepare its consolidated financial statements in
accordance with International Reporting Standards ("IFRS") as endorsed by the
European Union regulations for financial years beginning from 1 January 2007. As
the company is required to publish comparative information for this period on a
consistent basis its effective transition date to IFRS is 1 January 2006.
The preparation of financial statements under IFRS requires the Directors to
make judgements, estimates and assumptions that affect the application of the
policies and the reported amounts of assets and liabilities, and income and
expenses.
These estimates and underlying assumptions are subject to regular review.
Changes to estimates and assumptions are reflected in the financial statements
in the period in which they are made.
The statements are presented in Euro 000s and have been prepared under adopted
IFRSs using the historical cost convention, with the exceptions that certain
financial instruments are shown at fair value in accordance with IAS 32 and IAS
39. Non-current assets and disposal groups held for sale are stated at the lower
of previous carrying amount and fair value less costs to sell.
The comparative figures for the financial year ended 31 December 2006 are not
the company's statutory accounts for that financial period. The comparatives are
the IFRS restated results being the year from the transition date of 1 January
2006. The statutory accounts, which were prepared under UK GAAP, have been
reported on by the company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain
statements under Section 237 (2) or (3) of the Companies Act 1985.
IFRS 1 exemptions
IFRS 1 (First-time adoption of International Financial Reporting Standards)
allows a number of exemptions from the full requirements for companies adopting
IFRS for the first time. Expomedia has taken advantage of these exemptions as
described on page 3 of the main body of this document.
The accounting policies set out below have been applied consistently to all
periods presented in these consolidated financial statements and in preparing an
IFRS balance sheet at 1 January 2006 for the purpose of transition to IFRSs.
The accounting policies have been consistently applied by Group entities.
Basis of consolidation
The Group consolidates the accounts of the Expomedia Group Plc and its
subsidiary undertakings drawn up to 31 December each year. The consolidated
financial statements include the accounts of the disposed subsidiary
undertakings up to the date of disposal.
Other than in respect of Expo Media Overseas Limited, which has been accounted
for using merger accounting from the year ended 31 December 2001, the
acquisition method of accounting has been adopted. Under this method, the
results of subsidiary undertakings acquired in the period are included in the
consolidated income statement from the date of acquisition.
Subsidiaries are entities controlled by the Company. Control exists when the
Company has the power, directly or indirectly, to govern the financial and
operating policies of an entity so as to obtain benefits from its activities. In
assessing control, potential voting rights that presently are exercisable or
convertible are taken into account. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control
commences until the date that control ceases.
A joint venture is an undertaking in which the Group has a long term interest
and over which it exercises joint control. The Group's share of the profits less
losses of joint ventures is included in the consolidated income statement and
its interest in their net assets is included in investments in the consolidated
balance sheet.
The following accounting policies have been applied consistently in dealing with
items which are considered material in relation to the Group's financial
statements.
1. Accounting policies
a) Turnover recognition
Group turnover comprises revenue from exhibition and conference organising,
income from rental of venues to other event organisers, provision of auxiliary
services and revenue from publication advertising and subscriptions.
Revenue and direct expenses from Conferences and exhibitions are recognised in
the income statement on the final day of the event. Revenue received prior to
that date is recorded as deferred income on the balance sheet and related direct
expenses are included in prepayments. Publishing and advertising revenue is
recognised at the date of publication. Subscription revenue is recognised pro
rata over subscription period and auxiliary service revenues are recognised when
the related services are provided. Revenue is stated net of VAT and other
sales related taxes.
b) Intangible assets - goodwill
Goodwill arising on the acquisition of subsidiary undertakings represents the
difference between the fair value of the purchase consideration and associated
costs and the fair value of identifiable net assets and contingent liabilities
acquired. Such goodwill has been capitalised and is reviewed for impairment at
least annually. Any impairment is recognized immediately in the income
statement and is not subsequently reversed.
In accordance with IFRS 3 "Business combinations", where arising, the excess of
acquirer's interest in the net fair value of acquiree's identifiable assets,
liabilities and contingent liabilities over cost (i.e.-Negative goodwill) is
recognized immediately in profit and loss and historic Negative Goodwill has
accordingly been booked to the income statement brought forward.
In respect of acquisitions prior to 1 January 2006, goodwill is included on the
basis of its deemed cost, which represents the previous carrying value under UK
GAAP. The accounting treatment of business combinations that occurred prior to
1st January 2006 has not been reconsidered in preparing the Group's opening
balance sheet at 1 January 2006.
c) Intangible assets - exhibition and publication titles
Acquired exhibition and publication titles purchased separately from a business
are capitalised at their cost. Titles are amortised on a straight line basis
over their useful economic life which is estimated at between 10 and 20 years.
Provision is made for any impairment.
d) Intangible assets - supplier relationships, customer relationships, acquired
databases, names, branding
In accordance with IFRS3 "Business combinations" and IAS 38 "Intangible Assets"
other intangible assets including customer relationships, names and brand names
and trade marks that have been acquired since 1 January 2006 are recognised
separately in the consolidated statements where their fair value can be reliably
measured. Amortisation is made on these assets on a straight line basis, over
varying periods between 5 and 20 years in accordance with expected useful life.
Where there is indication of impairment an impairment review will be conducted
and provision made as necessary.
e) Property, plant and equipment
All property, plant and equipment are initially recorded at cost or deemed cost.
Long leasehold land and buildings in Warsaw were revalued by independent valuers
in 2004. Freehold land is not depreciated. Assets in the course of construction
are depreciated upon completion when transferred to their relevant category. All
other property, plant and equipment are stated at historical cost less
depreciation. Depreciation on other assets is calculated on a straight-line
basis so as to write off the cost less estimated residual value of each fixed
asset, over its estimated useful life. The annual depreciation rates are as
follows:
%
Freehold buildings and long leasehold land and buildings 2.5 - 5
Short leasehold buildings 10 (lease term if shorter)
Fixtures, fittings and equipment 10 - 30
f) Foreign currencies
Income statements for foreign entities are translated into the Group's reporting
currency (Euro) at the average exchange rates for the period and balance sheets
are translated at the exchange rates ruling at the period end. Exchange
differences arising from these retranslations are taken to reserves and reported
in the statement of total recognised gains and losses.
Foreign currency transactions are accounted for at the exchange rates prevailing
at the date of the transactions. Gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement. Such
monetary assets and liabilities at the balance sheet date are translated at year
end exchange rates.
Gains and losses resulting from foreign currency translation relating to loans
funding the construction of fixed assets are capitalised up to the date of
completion and amortised over the same period as the related assets.
g) Borrowing costs
In accordance with IAS 23 "Borrowing costs" , external interest costs on
borrowings to finance the construction of fixed assets are capitalised, during
the period of time that is required to complete and prepare the asset for its
intended use. Capitalised interests costs are amortised over the same period as
the related assets.
h) Interest- bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less
attributable transaction costs. Subsequent to initial recognition,
interest-bearing borrowings are stated at amortised cost with any difference
between cost and redemption value being recognised in the income statement over
the period of the borrowings on an effective interest basis.
i) Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax
is recognised in the income statement except to the extent that it relates to
items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the balance sheet date, and
any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. The following temporary differences are not provided for:
the initial recognition of goodwill; the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit other than in a
business combination, and differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation
or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilised.
j) Provisions
Provisions are recognised when the Group has a present obligation as a result of
past events, if it is probable that an outflow of funds will be required to
settle the obligation and a reliable estimate of the obligation can be made.
Provisions are discounted to their net present value.
k) Leases
In accordance with IAS 17 "Leases" all leases are classified as either a finance
lease or an operating lease. Finance leases are those where substantially all
risks and rewards incidental to ownership of the leased asset have been
transferred to the lessee. All other leases are treated by the Group as
operating leases.
Assets acquired under finance leases are capitalised and the outstanding future
lease obligations are shown in creditors. The cost of interest under the terms
of the finance leases is charged to the income statement over the period of the
lease to produce a constant rate of charge on the balance of capital repayment
outstanding.
Operating lease rentals are charged to the income statement on a straight line
basis over the period of the lease, with any lease incentives being taken in and
spread over the lease term in accordance with IAS 17 "Leases" ( interpretation
SIC 15).
l) Classification of financial instruments issued by the Group
Financial instruments issued by the Group are treated as equity (i.e. forming
part of shareholders' funds) only to the extent that they meet the following two
conditions:
* they include no contractual obligations upon the Company (or Group as the
case may be) to deliver cash or other financial assets or to exchange financial
assets or financial liabilities with another party under conditions that are
potentially unfavourable to the Company (or Group); and
To the extent that this definition is not met, the proceeds of issue are
classified as a financial liability. Where the instrument so classified takes
the legal form of the Company's own shares, the amounts presented in these
financial statements for called up share capital and share premium account
exclude amounts in relation to those shares.
Where a financial instrument that contains both equity and financial liability
components exists these components are separated and accounted for individually
under the above policy. The finance cost on the financial liability component
is correspondingly higher over the life of the instrument.
Finance payments associated with financial liabilities are dealt with as part of
interest payable and similar charges. Finance payments associated with
financial instruments that are classified as part of shareholders' funds, are
dealt with as appropriations in the reconciliation of movements in shareholders'
funds.
m) Financing Guarantees
Under IAS 39, financial assets and liabilities are measured at their fair value.
In accordance with IFRS 4, the Group has elected to apply insurance contract
accounting policies for intra-group financial guarantees, as they are considered
to be of the nature of insurance contracts.
n) Share based payments
The share option programme allows employees to acquire shares of the Company.
The fair value of options granted after 7 November 2002 and those not yet vested
as at 1 January 2005 is recognised as an employee expense with a corresponding
increase in equity. In accordance with IFRS 2 "Share based payment" the fair
value is measured at grant date and spread over the period subsequent to that
date, during which the employees become unconditionally entitled to the options.
The fair value of the options granted is measured using an option pricing model,
taking into account the terms and conditions upon which the options were
granted. The amount recognised as an expense is adjusted to reflect the actual
number of share options that vest except where variations are due only to share
prices not achieving the threshold for vesting.
Company owned shares are accounted for as treasury shares and are recorded in
the Own Shares Reserve as a reduction in equity.
o) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short term deposits with
maturity of less than three months from the date of acquisition (IAS 7: 7). Bank
overdrafts that are repayable on demand and form an integral part of the Group's
cash management are included as a component of cash and cash equivalents for the
purpose only of the statement of cash flows.
p) Interest rate swaps and forward exchange contracts
The fair value of interest rate swaps is the estimated amount that the Group
would receive or pay to terminate the swap at the balance sheet date, taking
into account current interest rates and the current creditworthiness of the swap
counterparties. The fair value of forward exchange contracts is their quoted
market price at the balance sheet date, being the present value of the quoted
forward price.
q) Impairment
The carrying amounts of the Group's assets other than deferred tax assets are
reviewed at each balance sheet date to determine whether there is any indication
of impairment. If any such indication exists, the asset's recoverable amount is
estimated. For goodwill, assets that have an indefinite useful life and
intangible assets that are not yet available for use, the recoverable amount is
estimated at each balance sheet date.
An impairment loss is recognised whenever the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Impairment losses are
recognised in the income statement.
Impairment losses recognised in respect of cash-generating units are allocated
first to reduce the carrying amount of any goodwill allocated to cash-generating
units and then to reduce the carrying amount of the other assets in the unit on
a pro rata basis. A cash generating unit is the smallest identifiable group of
assets that generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets.
Goodwill, assets that have an indefinite useful life and intangible assets that
are not yet available for use were tested for impairment as at 1 January 2006,
the date of transition to Adopted IFRSs, even through no indication of
impairment existed.
When a decline in the fair value of an available-for-sale financial asset has
been recognised directly in equity and there is objective evidence that the
asset is impaired, the cumulative loss that had been recognised directly in
equity is recognised in profit or loss even though the financial asset has not
been derecognised. The amount of the cumulative loss that is recognised in
profit or loss is the difference between the acquisition cost and current fair
value, less any impairment loss on that financial asset previously recognised in
profit or loss.
Calculation of recoverable amount
The recoverable amount of the Group's investments in held-to-maturity securities
and receivables carried at amortised cost is calculated as the present value of
estimated future cash flows, discounted at the original effective interest rate
(i.e., the effective interest rate computed at initial recognition of these
financial assets). Receivables with a short duration are not discounted. The
recoverable amount of other assets is the greater of their net selling price and
value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to
the asset. For an asset that does not generate largely independent cash inflows,
the recoverable amount is determined for the cash-generating unit to which the
asset belongs.
r) Post retirement benefits
The Group operates a defined contribution pension scheme in Poland and Hungary.
The assets of the scheme are held separately from those of the Group in an
independently administrated fund. The amount charged to the income statement
represents the contributions payable to the scheme of the accounting period.
Appendix 2
Reconciliation of profit from UK GAAP to IFRS for UK GAAP Effect of IFRS
the six months ended 30 June 2006 transition
to IFRS
Euro'000 Euro'000 Euro'000
Revenue including share of joint ventures 13,454 13,454
-
Less: share of joint ventures' revenue (441) (441)
-
Group Revenue 13,013 13,013
-
Cost of Sales (7,783) (7,783)
-
Gross Profit 5,230 5,230
-
Net administrative expenses before amortisation (4,746) (50) (4,796)
and depreciation
Amortisation of intangible assets (155) 101 (54)
Depreciation of property, plant and equipment (639) 10 (629)
Profit on sale of investments - -
-
Group administrative expenses (5,540) 61 (5,479)
Loss from operations (310) 61 (249)
Finance income 60 60
-
Financing cost (133) (133)
-
Net financing costs (73) (73)
-
Share of loss of joint ventures (176) (176)
-
Loss before tax (559) 61 (498)
Income tax expense (24) (24)
-
Loss after tax but before loss on discontinued (583) 61 (522)
operations
Loss from discontinued operations (net of tax) (10,164) (10,164)
-
Loss for the period (10,747) 61 (10,686)
Attributable to:
Equity holders of the parent (10,068) 61 (10,007)
Minority interests (679) (679)
-
Loss for the period (10,747) 61 (10,686)
Effect of transition to IFRS
IAS 38 Goodwill amortisation - added back 124
IAS 38 Intangibles asset amortisation (13)
IFRS 3 Remove negative Goodwill (6)
IAS 17 Lease expense adjustment (4)
IAS 19 Employee Benefits accrual for holiday pay (50)
Other 10
Total effect of transition to IFRS 61
Loss for the period under UK GAAP (10,747)
Loss for the period under IFRS (10,686)
Reconciliation of profit from UK GAAP to IFRS for UK GAAP Effect of IFRS
the year ended 31 December 2006 transition
to IFRS
Euro'000 Euro'000 Euro'000
Revenue including share of joint ventures 26,399 - 26,399
Less: share of joint ventures' revenue (971) (971)
Group Revenue 25,428 - 25,428
Cost of Sales (15,673) - (15,673)
Gross Profit 9,755 - 9,755
Net administrative expenses before amortisation (10,183) (16) (10,199)
and depreciation
Amortisation of intangible assets (517) 104 (413)
Depreciation of property, plant and equipment (1,721) 200 (1,521)
Profit on sale of investments - - -
- - -
Group administrative expenses (12,421) 288 (12,133)
Operating loss from operations (2,666) 288 (2,378)
Finance income 254 - 254
Financing cost (803) - (803)
Net financing costs (549) - (549)
Share of loss of joint ventures (44) - (44)
Loss before tax (3,259) 288 (2,971)
Income tax expense (251) - (251)
Loss after tax but before loss on discontinued (3,510) 288 (3,222)
operations
Loss from discontinued operations (net of tax) (12,080) - (12,080)
Loss for the period (15,590) 288 (15,302)
Attributable to:
Equity holders of the parent (14,986) 288 (14,698)
Minority interests (604) - (604)
Loss for the period (15,590) 288 (15,302)
Effect of transition to IFRS
IAS 38 Goodwill amortisation - added back 391
IAS 38 Intangibles asset amortisation (92)
IFRS 3 Remove negative Goodwill (15)
IAS 17 Lease expense adjustment (16)
Other 20
Total effect of transition to IFRS 288
Loss for the period under UK GAAP (15,590)
Loss for the period under IFRS (15,302)
Reconciliation of equity from UK GAAP to IFRS at 1 UK GAAP Effect of IFRS
January 2006 transition to
IFRS
Euro'000 Euro'000 Euro'000
Assets
Goodwill 4,648 - 4,648
Other intangible assets 1,772 1,324 3,096
Property, plant and equipment 40,400 (2,300) 38,100
Investments accounted for using the equity method (767) - (767)
Lease prepayment - 1,361 1,361
Deferred tax assets - - -
Total non-current assets 46,053 385 46,438
Trade and other receivables 9,247 - 9,247
Cash and cash equivalents 7,687 - 7,687
Assets classified as held for sale - - -
Total current assets 16,934 - 16,934
Total assets 62,987 385 63,372
Current liabilities
Interest bearing loans and borrowings (435) - (435)
Trade and other payables (3,380) - (3,380)
Obligation under finance lease and hire -purchase - - -
contract
Accruals and deferred income (3,939) (60) (3,999)
Liabilities classified as held for sale - - -
(7,754) (60) (7,814)
Total non - current liabilities
Interest bearing loans and borrowings (4,035) - (4,035)
Obligation under finance lease and hire -purchase - - -
contract
Other creditors (1,467) - (1,467)
Deferred tax liabilities (26) (2,080) (2,106)
(5,528) (2,080) (7,608)
Total liabilities (13,282) (2,140) (15,422)
Net assets 49,705 (1,755) 47,950
Capital and reserves
Issued Capital 3,972 - 3,972
Share premium 34,147 - 34,147
Other reserves 23,412 (7,953) 15,459
Retained earnings (15,413) 6,198 (9,215)
Equity attributable to equity holders of parent 46,118 (1,755) 44,363
Minority interests 3,587 - 3,587
Total equity 49,705 (1,755) 47,950
Effect of transition to IFRS
IFRS 3 Negative goodwill transferred against 768
reserves
IAS 12 Deferred tax on property revaluation (2,080)
IAS 19 Employee benefits - accrual for holiday pay (60)
Development costs previously capitalised written (383)
off against reserves under IFRS
Total effect of transition to IFRS (1,755)
Total equity under UK GAAP 49,705
Total equity under IFRS 47,950
Reconciliation of equity from UK GAAP to IFRS at UK GAAP Effect of IFRS
30 June 2006 transition
to IFRS
Euro'000 Euro'000 Euro'000
Assets
Goodwill 2,578 (1,553) 1,025
Other intangible assets 3,169 3,075 6,244
Property, plant and equipment 29,907 (2,317) 27,590
Lease prepayment - 1,289 1,289
Total non-current assets 35,653 494 36,147
Trade and other receivables 8,634 8,634
-
Cash and cash equivalents 4,648 4,648
-
Total current assets 13,282 13,282
-
Total assets 48,935 494 49,429
Current liabilities
Interest bearing loans and borrowings (592) (592)
-
Trade and other payables (3,746) (3,746)
-
Obligation under finance lease and hire -purchase - -
contract -
Accruals and deferred income (3,539) (114) (3,653)
Investments accounted for using the equity method (1,592) (1,592)
-
(9,468) (114) (9,582)
Total non - current liabilities
Interest bearing loans and borrowings (6,393) (6,393)
-
Other creditors (1,429) (1,429)
-
Deferred tax liabilities 44 (2,080) (2,036)
(7,778) (2,080) (9,858)
Total liabilities (17,246) (2,194) (19,440)
Net assets 31,689 (1,700) 29,989
Capital and reserves
Issued Capital 3,972 3,972
-
Share premium 34,344 34,344
-
Other reserves 19,874 (8,336) 11,538
Retained earnings (26,241) 6,636 (19,605)
Equity attributable to equity holders of parent 31,949 (1,700) 30,818
Minority interests (261) (261)
-
Total equity 31,689 (1700) 29,989
Effect of transition to IFRS
IAS 36 Remove goodwill amortisation 124
IAS 38 Amortisation on new goodwill reclassified (13)
as Intangibles
IAS 17 Lease expense adjustment (4)
IFRS 3 Negative goodwill transferred against 756
reserves
IAS 12 Deferred tax on property revaluation (2,080)
IAS 19 Employee Benefits accrual for holiday pay (110)
Development costs previously capitalised written (373)
off against reserves under IFRS
Total effect of transition to IFRS (1,700)
Total equity under UK GAAP 31,689
Total equity under IFRS 29,989
Reconciliation of equity from UK GAAP to IFRS at UK GAAP Effect of IFRS
31 December 2006 transition
to IFRS
Euro'000 Euro'000 Euro'000
Assets
Goodwill 9,484 (1,162) 8,322
Other intangible assets 1,040 2,860 3,900
Property, plant and equipment 31,025 (2,373) 28,652
Investments accounted for using the equity method 472 472
-
Lease prepayment - 1,364 1,364
Deferred tax assets 717 (644) 73
Total non-current assets 42,738 45 42,783
Trade and other receivables 6,639 6,639
-
Cash and cash equivalents 14,164 14,164
-
Assets classified as held for sale - 0
-
Total current assets 20,803 20,803
-
0
Total assets 63,541 45 63,586
Current liabilities
Interest bearing loans and borrowings (1,836) (1,836)
-
Trade and other payables (4,565) (4,565)
-
Obligation under finance lease and hire -purchase (665) (665)
contract -
Accruals and deferred income (5,756) (76) (5,832)
Liabilities classified as held for sale - -
-
(12,822) (76) (12,898)
Total non - current liabilities
Interest bearing loans and borrowings (1,860) (1,860)
-
Obligation under finance lease and hire -purchase (17,421) (17,421)
contract -
Other creditors (3,368) (3,368)
-
Deferred tax liabilities - (1,436) (1,436)
(22,649) (1,436) (24,085)
Total liabilities (35,471) (1,512) (36,983)
Net assets 28,070 (1,467) 26,603
Capital and reserves
Issued Capital 3,972 3,972
-
Share premium 34,530 34,530
-
Other reserves 20,377 (7,953) 12,424
Retained earnings (30,544) 6,486 (24,058)
Equity attributable to equity holders of parent 28,335 (1,467) 26,868
Minority interests (265) (265)
-
Total equity 28,070 (1,467) 26,603
Effect of transition to IFRS
IAS 36 Remove goodwill amortisation 391
IAS 38 Amortisation on new goodwill reclassified (92)
as Intangibles
IAS 17 Lease expense adjustment (16)
IFRS 3 Negative goodwill transferred against 753
reserves
IAS 12 Deferred tax on property revaluation (2,080)
IAS 19 Employee Benefits accrual for holiday pay (60)
Development costs previously capitalised written (363)
off against reserves under IFRS
Total effect of transition to IFRS (1,467)
Total equity under UK GAAP 28,070
Total equity under IFRS 26,603
--ENDS--
Enquiries:
Expomedia Group Plc Tel: 020 8386 0070
Mark Shashoua
Bishopsgate Communications Ltd. Tel: 020 7562 3350
Dominic Barretto
Sophie Davis
Charles Stanley Securities Tel: 020 7149 6000
Mark Taylor
Freddy Crossley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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