Press releases

Adoption of International Financial Reporting Standards

14 June 2005

GUS plc, the retail and business services group, today releases its unaudited financial results for the year to 31 March 2005 as prepared under International Financial Reporting Standards.

The move to IFRS will not change how GUS is managed and will have no impact on cash flow.

The main changes compared to the financial results prepared under UK GAAP are as below:

  • Benchmark PBT1 of £906m, £4m lower than the UK GAAP equivalent of £910m

  • Reported PBT of £843m , £150m higher than the UK GAAP equivalent of £693m, mainly reflecting the elimination of goodwill amortisation

  • Effective tax rate2 of 26.5% , up 2.2% compared to the UK GAAP equivalent of 24.3%. Tax payable in cash is unlikely to change materially as a result of IFRS

  • Benchmark basic EPS3 of 61.5p , 4% lower than the UK GAAP equivalent of 63.8p, reflecting the higher tax rate

  • Reported basic EPS of 59.9p , 17.6p higher than the UK GAAP equivalent of 42.3p

  • Capital employed at 31 March 2005 of £3,384m , compared to the UK GAAP equivalent of £3,070m

1 Benchmark PBT is defined as profit before amortisation of acquisition intangibles, exceptional items (i.e. gains or losses on disposal or closure of businesses and goodwill impairment charges), financing fair value remeasurements and taxation. It includes the Group's share of associates' pre-tax profit and the profits or losses of discontinued operations up to the date of disposal or closure.
2 Effective tax rate is based on Benchmark PBT.
3 Benchmark basic EPS takes Benchmark PBT less taxation (attributable to Benchmark PBT) and minority interests, divided by the weighted average number of shares in issue (excluding own shares held in Treasury and in the ESOP trust).

Enquiries

GUS

   
David Tyler Group Finance Director 020 7495 0070
Fay Dodds Director of Investor Relations  
   

Finsbury

   
Rupert Younger   020 7251 3801
Rollo Head  

GUS announcements are available on its website, www.gusplc.com. There will be a conference call to discuss this announcement at 10am today. The slides which will be referred to during this call and additional information on the formal IFRS financial statements presentation, accounting policies and the fair value of share-based payments are also available on the website.

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements.

View the full press release in PDF format (155 KB).

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