21 November 2005

Smiths Group: Transition to International Financial Reporting Standards (IFRS)

Smiths Group is today publishing information about its IFRS accounting policies and restating its results for the year ended 31 July 2005 and its July 2004 and July 2005 balance sheets in order to enable an understanding of the effect of IFRS on the Companys financial reporting. This information updates and supplements the IFRS information previously published by Smiths Group on 6 July 2005. Smiths Group will report under IFRS for the first time in the 2005/2006 interim results, which will be published in March 2006.

The Company is not issuing a trading statement at this time.

Highlights:

 

 

IFRS

UKGAAP

 

 

£m

£m

Turnover

 

3,005

3,017

Operating profit

 

 

 

 

headline*

435

420

 

goodwill amortisation and impairment

(11)

(60)

 

acquired intangible asset amortisation

(5)

(1)

 

exceptional/significant items

(40)

(48)

 

 

379

311

Pre-tax profit

 

 

 

 

headline*

423

413

 

goodwill amortisation and impairment

(11)

(60)

 

acquired intangible asset amortisation

(5)

(1)

 

exceptional/significant items

(40)

(42)

 

 

367

310

Basic earnings per share

 

 

 

 

headline

55.3p

54.3p

 

statutory basis

49.5p

39.3p

 

 

 

 

* Before goodwill amortisation (including impairment), amortisation of other acquired intangible assets and exceptional items (under UK GAAP) and before impairment of goodwill and amortisation of other acquired intangible assets and significant items (under IFRS).

To read the full release please click the following link

Transition to International Financial Reporting Standards

ENDS