RNS Number:5173T
Supercart PLC
01 May 2008
1 May 2008
Supercart plc
('Supercart' or the 'Company')
Preliminary results for the 12 months to 31 December 2007
Chairman's statement
I am pleased to present our results for 2007, which has been a year of some
disappointment but also one of solid progress.
In South Africa pre tax profits, prior to intra group adjustments, showed an
increase of approximately 10% over 2006.
In North America, we had modest successes in sales of our Classic trolley but
were hampered by delays in the completion of our new Max 200 trolley. As
reported in the Company's statement on 22 November 2007, the anticipated sales
from the new trolley have effectively been pushed forward into 2008.
In Europe a number of our 225 litre Hyper trolleys were delivered for test
purposes to a selection of French retailers just prior to the end of 2007. These
tests are still active and continue. We will have our first UK retailer test of
the 135 litre Nexus trolley in the second quarter of 2008.
Our Australian trolley mould was completed in 2007 and we have been trialling
this product in a retail environment.
Although our performance during 2007 did not match our expectations, we enter
2008 with the availability of six trolleys across four continents compared with
two trolleys on two continents this time last year.
Results
The Company's accounts have been prepared in accordance with IFRS for the first
time. This has resulted in certain adjustments to the 2006 results which are
restated on a consistent basis.
For the year ended 31 December 2007, Supercart generated turnover of #3,342,000
(2006 - #2,893,000) an increase of 15.5%. Margin retention improved by nearly 1%
to 19.2% (2006: 18.4%)
Operating expenses increased by 7.5% during the period. The loss after tax is
#929,000 (2006 (restated): #914,000). The loss per shares is 2.59p (2006
(restated) loss of 4.20p).
Following the Placing of new shares in December 2007 which raised net proceeds
of #1.56 million, Supercart had net cash balances of #1.75 million (2006: #1.15
million) at the year end.
The Directors are not recommending the payment of a dividend in respect of the
year ended 31 December 2007.
South Africa
We had a satisfactory year in this market, with a small increase in turnover and
profits, despite a negative impact in the important fourth quarter of production
delays resulting from industrial action at our Durban manufacturer.
In October we launched a new trolley, the 135 litre 'Nexus'. We successfully
concluded our retailer trials of this trolley and had our first sale prior to
the end of 2007. Sales are continuing in the current year.
The success of our recycled trolley project continues with like for like unit
sales increases of 6% in 2007 along with strong retailer written references
which have helped us in our European sales activity.
Our 30 litre hand basket continued its early success with a year on year
doubling of unit sales achieved. As with the 'Nexus' trolley, we look to
replicate this success in the European market with this product.
North America
The Company's new Max 200 trolley was originally due to be launched in June
2007. However, unforeseen delays in finalising the moulds for production meant
that the launch date slipped and we therefore missed the significant sales
opportunities in the key fourth quarter, traditionally our busiest period.
Without the originally planned introduction of this trolley into North America
in 2007, our losses in the USA continued at close to 2006 levels.
We had a very successful series of presentations at the 'Storepoint' retail
convention in Texas during January 2008. A gratifying level of interest was
shown in the Max 200 by several major retailers from across the USA.
The Max 200 trolley is now ready for delivery and live retailer trials are
starting with a major nationwide retailer. In addition, we are in the process of
delivering sample trolleys to a further 18 retailers. Accordingly, we are
looking for some important sales during the course of the year.
Europe
We made the first sales of our 225 litre trolley in late 2007 which is now
testing with a major retail group in France and Portugal. In addition, we have
recently opened a sales office in Germany and have appointed a distributor for
Spain.
In the UK we have received our first trial order from a high street retail chain
who are testing the 'Nexus' 135 in the second quarter of 2008.
We are hopeful that 2008 will see some significant sales in the European
markets.
Australia
Our 185 litre trolley has been undergoing retailer trials in the first quarter
of 2008 with good customer response.
Product Development
We have just started the production of a new mould for our next trolley which,
like the 'Nexus', will be for the South African and European markets. We are
aiming to have this product available before the end of this year.
Additionally, we are advanced in our designs for another new trolley for North
America which will complement our current offering in this market.
Outlook
As mentioned earlier, we are now in a position to offer six different trolleys
in various markets.
We anticipate capitalising on the level of interest shown in the Max 200 by
major retailers in the USA. Prospects for the new Nexus 135 and the 225 litre
Hyper trolleys in the European markets are also encouraging. We also look for
South Africa to again show sales growth over 2007.
Historically, our sales have tended to be stronger during the fourth quarter.
The Board believes that further progress will be achieved through 2008.
Victor Segal
Chairman
Consolidated income statement for the year ended 31 December
2007 2006
Notes #'000 #'000
Revenue 3,342 2,893
Cost of sales (2,699) (2,362)
Gross profit 643 531
Administrative expenses (1,533) (1,426)
Operating loss 2 (890) (895)
Investment revenue 31 12
Finance costs (53) (31)
Loss before taxation (912) (914)
Tax 3 17 -
Loss for the year attributable to equity holders of the (929) (914)
parent
Earnings per share
Basic and diluted (pence per share) 4 (2.59) (4.20)
All profits and losses arose from continuing activities.
Consolidated balance sheet at 31 December
2007 2006
Notes #'000 #'000
Assets
Non-current assets
Intangible assets 4 6
Property, plant and equipment 1,821 891
Deferred tax asset 6 -
Total non-current assets 1,831 897
Current Assets
Inventories 85 11
Trade and other receivables 1,185 988
Cash and cash equivalents 1,748 1,192
Total current assets 3,018 2,191
Total Assets 4,849 3,088
Equity and Liabilities
Capital and reserves
Issued share capital 5 174 142
Share premium account 5,585 4,057
Share option reserve 122 75
Foreign currency translation reserve (148) (146)
Retained earnings (3,517) (2,588)
Total equity 2,216 1,540
Non-current liabilities
Finance lease obligations 521 54
Other financial liabilities 292 373
Deferred tax liability 24 -
Total non-current liabilities 837 427
Current liabilities
Trade and other payables 1,621 954
Borrowings - 45
Finance lease obligations 96 -
Other financial liabilities 79 122
Total current liabilities 1,796 1,121
Total liabilities 2,633 1,548
Total equity and liabilities 4,849 3,088
Consolidated statement of changes in equity for the year ended 31 December 2007
Share Share Share Foreign Retained
premium option currency
capital account reserve translation earnings Total
reserve
#'000 #'000 #'000 #'000 #'000 #'000
Balance at 1 January 2006 82 2,952 28 - (1,674) 1,388
Provision for share option - - 47 - - 47
valuation
Issue of 15 million shares 60 1,140 - - - 1,200
Share issue costs - (35) - - - (35)
Exchange differences arising on
translation of foreign
operations - - - (146) - (146)
Loss for year - - - (914) (914)
Balance at 1 January 2007 142 4,057 75 (146) (2,588) 1,540
Provision for share option - - 47 - - 47
valuation
Issue of 8 million shares 32 1,568 - - - 1,600
Share issue costs - (40) - - - (40)
Exchange differences arising on - - - (2) - (2)
translation of foreign
operations
Loss for year - - - - (929) (929)
Balance at 31 December 2007 174 5,585 122 (148) (3,517) 2,216
Consolidated cash flow statement for the year ended 31 December
2007 2006
#'000 #'000
Cash flows from operating activities
Loss for the year (929) (914)
Income tax expense 17 -
Depreciation 37 39
(Gain)/loss on disposal of property, plant and equipment (4) 1
Interest income (31) (12)
Finance costs 53 31
Share based payment charges 47 47
Reversal of impairment (1) (1)
Net foreign exchange gain (2) (10)
(813) (819)
Movements in working capital
(Increase)/decrease in inventories (74) 2
Increase in trade and other receivables (197) (120)
Increase in payables 605 46
Cash used by operations (479) (891)
Finance cost (53) (31)
Income tax received 62 105
Net cash used by operating activities (470) (817)
Cash flows from investing activities
Purchase of property, plant and equipment (410) (224)
Proceeds from disposal of property, plant and equipment 17 5
Interest received 31 12
Net cash used in investing activities (362) (207)
Cash flows from financing activities
Proceeds from issue of share capital 1,600 1,200
Payments for share issue costs (40) (35)
Proceeds from instalment sale borrowings - 606
Repayment of finance lease and instalment sale borrowings (131) (3)
Net cash from financing activities 1,429 1,768
Net increase in cash and cash equivalents 597 744
Cash and cash equivalents at the beginning of the year 1,147 408
Effects of exchange rate changes on the balance of cash held 4 (5)
in foreign currencies
Cash and cash equivalents at the end of the year 1,748 1,147
Notes on the financial statements
1. Accounting policies
1.1 Basis of accounting
The group and parent company financial statements have been prepared in
accordance with EU endorsed International Accounting Standards and International
Financial Reporting Standards (collectively "IFRS") for the first time. They
have also been prepared in accordance with the provisions of the Companies Act
1985 applicable to companies preparing their accounts under IFRS.
On publishing the parent Company financial statements the company is taking
advantage of the exemption in S230 of the Companies Act 1985 not to present its
individual income statement and related notes that form a part of these approved
financial statements.
The financial statements are presented in sterling and have been prepared on the
historical cost basis, except where IFRS requires an alternative treatment.
Judgements made by the directors in the application of these accounting policies
that have a significant effect on the financial statements and estimates with a
significant risk of material adjustment in the next year are discussed in note
1.20.
1.2 Transition to adopted IFRSs
The group is preparing its financial statements in accordance with adopted IFRSs
for the first time and consequently has applied IFRS 1 "First-time adoption of
International Financial Reporting Standards". An explanation of how the
transition from UK GAAP to adopted IFRSs has affected the reported financial
position, financial performance and cash flows of the Group is provided in note
29.
IFRS 1 grants certain exemptions from the full requirements of IFRSs in the
transition period. The following exemptions have been taken in these financial
statements:
* Business combinations - Business combinations that took place prior to
1 January 2006, the date of transition to IFRS, have not been restated in
accordance with IFRS 3, 'Business Combinations'.
* Foreign exchange translation differences - Cumulative translation
differences for the Group's foreign operations have been deemed to be zero at 1
January 2006. Any subsequent disposal of the foreign operation will recognise
only those exchange gains or losses arising from the date of transition.
1.3 Early adoption of Standards and Interpretations
In addition, the Group has elected to adopt the following in advance of their
effective dates:
* IFRS 8 - Operating Segments (effective for accounting periods
beginning on or after 1 January 2009)
IFRS 8 is a disclosure Standard which has resulted in a redesignation of the
Group's reportable segments (see note 2), but has had no impact on the
reportable results or financial position of the Group.
1.4 Standards and Interpretations in issue not yet adopted
At the date of authorisation of these financial statements, other than the
Standards and interpretations adopted by the Group in advance of their effective
dates the following Standards and Interpretations were in issue but not yet
effective:
* IFRS 3 (Revised) - Business Combinations (effective 1 July 2009);
* IAS 1 (Revised) - Presentation of Financial Statements (effective 1
January 2009);
* IAS 23 (Revised) - Borrowing Costs (effective 1 January 2009);
* IAS 27 (Amended) - Consolidated and Separate Financial Statements
(effective 1 July 2009);
* IFRIC 11- IFRS2:Group and Treasury Share Transactions (effective 1
March 2007)
* IFRIC 12 - Service Concession Arrangements (effective 1 January 2008);
* IFRIC 13 - Customer Loyalty Programme (effective 1 July 2008); and
* IFRIC 14 - IAS 19: The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction (effective 1 January 2008).
The Group plans to adopt the above standards to the extent they are relevant to
its activities, and Interpretations, in the period in which they become
applicable. The directors do not anticipate that the adoption of these standards
and Interpretations will have a material impact on the consolidated financial
statements in the period of initial application.
Upon adopting of the amendment to IAS 1, the Group will disclose additional
information about its objectives, policies and process for managing capital.
1.5 Basis of Consolidation
The Group financial statements consolidate the financial statements of the
Company and its subsidiary undertakings drawn up to 31st December each year.
Control is achieved where the Company has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
1.6 Going concern
The financial statements are prepared on the going concern basis, which assumes
that the Company and the Group will continue in operational existence for the
foreseeable future. Up to 31st December 2007 the group has made operating losses
totalling #3.5million.
It has agreed, with certain manufacturers with whom it has relationships,
arrangements by which the cost of constructing and/or modifying moulds for
production is to be borne principally by the manufacturer, rather than the
Group.
The directors' assessment of the Group's and Company's ability to continue as a
going concern beyond the date of approval of the financial statements has
concluded that it is appropriate to apply the going concern basis, and that the
Group will continue to be able to realise its assets and discharge its
liabilities in the normal course of business on the basis of its current cash
resources, the arrangements in place described above and based on assumptions
concerning:
* The availability of new products
* The time at which those new products become available
* The demand for those products
Should there be any significant delay in the new products becoming available or
demand fall significantly short of expectation the group would require access to
further funds to continue as a going concern. In that event the directors would
seek funding secured on unencumbered moulds and consider further equity issues
should the need arise.
1.7 Goodwill
Goodwill arising on acquisition of a subsidiary represents the excess of the
cost of the acquisition over the Group's interest in the net fair value of the
identifiable assets, liabilities and contingent liabilities of the subsidiary at
the date of acquisition.
Goodwill is initially recognised as an asset at cost and is subsequently
measured at cost less any accumulated impairment losses. At the date of
acquisition, the goodwill is allocated to cash generating units for the purpose
of impairment testing and is tested at least annually for impairment.
The classification and accounting treatment of business combinations that
occurred prior to 1 January 2006 has not been reconsidered in preparing the
group's opening IFRSs balance sheet at 1 January 2006. The written down value of
goodwill recognised under UK GAAP at 1 January 2006 is the carrying value at the
date of transition to IFRS.
1.8 Share-based payments
Equity-settled share-based payments to employees and others providing similar
services are measured at the fair value of the equity instruments at the grant
date. Fair value is measured by use of a Black-Scholes based option pricing
model. The expected life used in the model has been adjusted, based on
management's best estimate, for the effects of non-transferability, exercise
restrictions and behavioural considerations. The fair value determined at the
grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group's estimate of
shares that will eventually vest.
At each balance sheet date, the Group revises its estimate of the number of
equity instruments expected to vest. The impact of the revision of the original
estimates, if any, is recognized in profit or loss over the remaining vesting
period, with a corresponding adjustment to the equity-settled employee benefits
reserve.
The above policy is applied to all equity-settled share-based payments that were
granted after 10 November 2003 (the date of the company's incorporation) and are
due to vest after 1 January 2006.
1.9 Segment reporting
Under UK GAAP, the directors took advantage of exemption from disclosure of
segmental reporting information on the grounds that the information was of a
commercially sensitive nature. Under IAS rules requiring disclosure as detailed
in IFRS 8, the directors' opinion is consistent with previous years regarding
the commercially sensitive nature of our sales data. As a result we have chosen
not to disclose the following information concerning reportable segments
required by IFRS 8:
* revenues from external customers;
* measure of profit or loss for each reportable segment;
* the operating segments reporting revenues from major customers.
The group's reportable segments are business units that offer essentially
similar product and services, namely the sale and distribution of all-plastic
shopping carts and baskets albeit in differing sizes and designs, to different
geographical areas: South Africa, North America and Europe.
The group measures operating segments' profits and losses using the same
accounting policies as are set out elsewhere in this note except that no account
is taken of share-based payment transactions and the group does not regard its
head office function as an operating segment and does not allocate its head
office costs to operating segments for the purposes of its management reporting.
In addition the group evaluates performance on the basis of profit or loss from
operations before tax expense.
With the exception of certain non-current assets, which are allocated for the
purposes of determining the depreciation and amortisation charge allocated to
each operating segment, assets and liabilities are not allocated to operating
segments for internal reporting purposes. The measure of assets disclosed for
each segment is the written down value of property, plant and equipment at 31
December 2007 that is used to calculate the allocated depreciation charge.
Additions to non-current assets are not analysed or reported by operating
segment for internal reporting purposes.
1.10 Critical accounting judgements and key sources of estimation and
uncertainty
Tangible Fixed Assets
It is group policy to depreciate tangible fixed assets on a straight line basis
over their estimated capacity of their lives. This applies an appropriate
matching of the revenue earned with the capital costs of production and delivery
of goods. A key element of this policy is the estimate of the useful life of the
assets which in turn determines the annual depreciation charge. Variations in
asset lives could impact significantly group costs through an increase or
decrease in the depreciation charge.
The directors use their judgement to determine the extent of possible
impairments of the assets. To assist in this judgement, the directors ensure
that regular physical checks are undertaken of the moulds to verify the economic
life and carrying value of the asset.
Deferred taxation
The group has unutilised tax losses for which no value has been recognised for
deferred tax purposes in these financial statements. These can arise in loss
making companies in the group where the future economic benefit of these timing
differences is not probable. If profits are earned in future in these companies,
the timing differences may yield benefit to the group in the form of a reduced
tax charge.
Research & development expenditure
It is group policy to capitalise research and development expenditure to be
applied to a plan or design for the production of new or substantially improved
moulds, if the mould is commercially feasible and the group has sufficient
resources to complete development. Such expenditure is not amortised until it
has an economically useful life.
This policy includes judgements regarding the initial recognition of the asset
based upon market research and expected future net revenues.
Share-Based payments
The group uses Black-Scholes model to estimate fair value of shares granted.
Changes in the directors estimates about the expected life of the options and
the number of options that will eventually be exercised could impact the group
results through an increase or decrease in the share-based payments charge.
2. Operating Loss
Operating loss on ordinary activities was stated after charging/(crediting):
Year ended Year ended
31/12/2007 31/12/2006
#'000 #'000
Operating leases - land and buildings 55 23
Depreciation of owned assets 30 33
Depreciation of leased assets 7 6
(Profit)/loss on disposal of property, plant and equipment (4) 1
Auditors' remuneration - audit work 39 35
Auditors' remuneration - tax compliance work 4 4
Auditors' remuneration - general financial advice 12 4
Auditors' remuneration - advice on accounting matters 4 13
Share based payment - equity settled transactions 47 47
Development costs 68 110
Net foreign exchange losses (2) (10)
__________ __________
3. Tax on loss on ordinary activities
Year ended Year ended
31/12/2007 31/12/2006
#'000 #'000
a) Analysis of charge in year:
Deferred tax (originating and reversing temporary differences) 17 -
__________ __________
b) Factors affecting tax charge for year. The tax assessed for the
year differs from the standard rate of corporation tax 30% (2006:
30%).
The differences are explained below.
Loss on ordinary activities before tax (912) (914)
__________ __________
Tax credit on ordinary activities multiplied by standard rate of (274) (274)
corporation tax of 30% (2006: 30%)
Effects of:
Non-deductible expenses 15 18
Other allowances (94) (146)
Tax losses utilised (26) (3)
Losses surrendered for R&D tax credit 103 117
Different tax rates of subsidiaries operating in other jurisdictions (17) (16)
Tax losses available to carry forward 310 304
________ ________
Current tax charge for year 17 -
__________ __________
c) Factors that may affect future tax charges
The future tax charge will depend on the continued availability of research and
development tax credits, and whether any deferred tax asset can be recognised
for tax losses as a result of profits in the future. There are tax losses of
approximately #4.1 million (2006 - #3.4 million) that are available to be
carried forward against future profits by members of the group subject to the
agreement of the revenue authorities in the relevant jurisdictions.
4. Earnings per share
The calculation of loss per share is based on the loss for the financial year of
#929,112 (2006 - #913,889) and the weighted average number of shares in issue of
35,806,849 (2006 - 21,750,000).
The losses attributable to ordinary shareholders and weighted average number of
shares for the purposes of calculating the diluted loss per share are identical
to those used for basic loss per share. This is because the exercise of the
share options would have the effect of reducing the loss per ordinary share and
is therefore not dilutive under the terms of IAS 33.
5. Share capital and reserves
2007 2006
#'000 #'000
Authorised:
50 million Ordinary shares of 0.4p each 200 200
_________ _________
Issued, allotted and fully paid:
43.5 million (2006 - 35.5 million) Ordinary shares of 0.4p each 174 142
_________ _________
At an EGM held on 17 December 2007, the shareholders approved the raising of
#1,600,000 through the placing of 8,000,000 new Ordinary Shares at 20p per
share. The Placing was undertaken to improve the working capital position of the
Company and to provide additional capital to bring new products to the market.
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign currency
differences arising from the translation of foreign currencies.
6. Non-statutory accounts
The financial information presented above represents non-statutory accounts for
the purposes of section 240 of the Companies Act 1985. The Company's statutory
accounts will be sent to shareholders shortly.
The Company's statutory accounts for the year ended 31 December 2007 have not
yet been delivered to the registrar of companies. A report on the statutory
accounts under section 235 of the Companies Act 1985 has been made by the
company's auditors. The report was qualified in respect of the non-disclosure of
certain information concerning the performance of the group's operating segments
that is required to be disclosed by IFRS 8 "Operating Segments", which the
directors have decided to withhold on the grounds of the commercial sensitivity
of that information. The non-disclosure on these grounds of certain segmental
information specified by the applicable accounting framework is consistent with
previous years.
7. Explanation of transition to IFRSs
This is the first year that the Group has presented its financial statements
under IFRS. The following disclosures are required in the year of transition.
The last financial statements under UK GAAP were the year ended 31st December
2006 and therefore the date of transition was 1st January 2006.
Reconciliation of equity
Note UK GAAP Effect of IFRSs UK GAAP Effect of IFRSs
transition transition 1 Jan 07
1 Jan 06 to IFRS 1 Jan 06 1 Jan 07 to IFRS
#'000 #'000 #'000 #'000 #'000 #'000
Assets
Non-current assets
a Intangible assets 8 8 - 6 6
b Property, plant & 927 (89) 838 1,090 (199) 891
equipment
Total non-current 935 846 1,090 897
assets
Current assets
Inventories 17 17 11 11
Trade and other 1,127 1,127 988 988
receivables
Cash and cash 460 460 1,192 1,192
equivalents
Total current assets 1,604 1,604 2,191 2,191
Total assets 2,539 2,450 3,281 3,088
Equity and liabilities
Capital and reserves
Issued share capital 82 82 142 142
Share premium account 2,952 2,952 4,057 4,057
Share option reserve 28 28 75 75
d Foreign currency - - (146) (146)
translation reserve
Retained earnings (1,538) (136) (1,674) (2,329) (259) (2,588)
Total equity 1,524 1,388 1,799 1,540
Non-current liabilities
Finance lease - - 54 54
obligations
Other financial - - 373 373
liabilities
Total non-current - - 427 427
liabilities
Current liabilities
c Trade and other 963 47 1,010 888 66 954
payables
Borrowings 52 52 45 45
Other financial - - 122 122
liabilities
Total current 1,015 1,062 1,055 1,121
liabilities
Total liabilities 1,015 1,062 1,482 1,548
Total equity and 2,539 2,450 3,281 3,088
liabilities
Reconciliation of income
UK GAAP Effect of IFRSs UK GAAP 1 Effect of IFRSs
1 Jan 06 transition 1 Jan 06 Jan 07 transition 1 Jan 07
to IFRS to IFRS
#'000 #'000 #'000 #'000 #'000 #'000
Revenue 2,415 2,415 2,893 2,893
Cost of sales (2,021) (2,021) (2,362) (2,362)
Gross profit 394 394 531 531
Administration expenses (1,132) (136) (1,268) (1,303) (123) (1,426)
Operating loss (738) (874) (772) (895)
Investment revenue 46 46 12 12
Finance costs (9) (9) (31) (31)
Loss before tax (701) (837) (791) (914)
Tax - - - -
Loss for the year (701) (837) (791) (914)
The effect of transition to IFRSs on administrative expenses are analysed as
follows:
Note 1st Jan 06 1 Jan 07
#'000 #'000
a Amortisation charge reversal - (6)
b Development costs expensed 89 110
c Accruing for holiday pay 47 19
Total 136 123
Restatement
a) Goodwill
Under IFRS, goodwill has an indefinite life and is only written down when an
impairment test suggests that the carrying value is overstated. The amortisation
charge relating to goodwill arising on the acquisition of subsidiaries were
reversed under IFRS.
b) Development costs
Under UK GAAP the develop costs were treated as part of the construction cost of
the tangible fixed asset concerned. However due to the criteria's under IAS 38
not being met, the costs had to be expensed.
c) Employee benefits
Accruing for holiday pay was not required under UK GAAP but is required under
IFRS and charges have been made under IFRS relating to holidays that have
accrued to staff but have not yet been taken. A cumulative charge of #47,000 was
recognised at the transition date and the provision was increased to #66,000 in
2006.
d) Translation differences
Cumulative translation differences that arose prior to the date of transition to
IFRSs at 1 January 2006 in respect of all foreign entities are deemed to be zero
in accordance with the exemptions available under IFRS 1. Translation
differences that arose after 1 January 2006 have been presented as a separate
component of equity.
The transition has not had any material impact on the group's cash flows.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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