financials
 

International Financial Reporting Standards (IFRS)

06 July 2005 - Grafton Group plc announces the impact of the transition to IFRS on its 2004 results previously prepared in accordance with accounting practice generally accepted in the Republic of Ireland (Irish GAAP). The Group’s interim results for the six months ended 30 June 2005 and the financial statements for the year ended 31 December 2005 will be prepared under IFRS.

The impact on the audited 2004 key financial data is summarised as follows:

   
Irish GAAP
  
IFRS
Change
 Comments on principal IFRS changes
   
€'000
  
€'000
%
  
Turnover  
1,872,346
  
1,872,346
-
 No impact
Operating profit *  
151,310
  
166,273
+10%
 Non-amortisation of goodwill, employee benefits and share based payments adjustment.
Profit before tax  
131,851
  
145,826
+11%
 As above
Profit after tax  
112,063
  
125,890
+12%
 As above
Total equity  
535,821
  
495,538
-8%
 Pension and deferred tax assets and liabilities included under IFRS
Net debt **  
338,171
  
349,229
+3%
 Inclusion of lease liability under IAS 17 - Leases
   
 
 
   
€ cent
  
€ cent
 
Earnings per share (EPS)
 
 
Basic EPS ***  
52.64
  
59.14
+12%
  
Adjusted EPS #  
52.64
  
56.11
+1%
  
   
 
 
   
 
 

* Operating profit includes goodwill amortisation (Irish GAAP) but excludes profit on sale of property.
** Net debt comprises current and non-current interest-bearing loans and borrowings less cash and cash equivalents and liquid investments.
*** Basic earnings per share has been calculated on profit after tax divided by the weighted average number of Grafton Units in issue.
# Adjusted EPS under Irish GAAP is arrived at after excluding goodwill amortisation, property development profit after taxation and profit after tax on disposal of land and buildings.
  Adjusted EPS under IFRS is arrived at after excluding amortisation on other intangible assets, property development profit after taxation and profit after tax on disposal of land and buildings.