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IFRS Restatement 22 June 2005

IFRS Restatement 22 June 2005. Restating 2004 actuals for IFRS Financial instruments (IAS 32/39) to follow in 2005 H1 2005 to be published on IFRS basis Biggest effect on shareholders funds. Introduction. £m. UK GAAP. Accounting Adjustments. IFRS. 310.7. Turnover. 319.6. (8.9). 43.3.

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IFRS Restatement 22 June 2005

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  1. IFRS Restatement22 June 2005

  2. Restating 2004 actuals for IFRS Financial instruments (IAS 32/39) to follow in 2005 H1 2005 to be published on IFRS basis Biggest effect on shareholders funds Introduction

  3. £m UKGAAP Accounting Adjustments IFRS 310.7 Turnover 319.6 (8.9) 43.3 Operating profit* 42.5 0.8 (3.2) Net financing costs (2.8) (0.4) Profit before tax* 39.7 0.4 40.1 Goodwill amortisation (5.9) 5.9 - Profit before tax 33.8 6.3 40.1 Profit & Loss Changes Key Adjustments • Forex – revaluing to spot • R&D capitalisation • Interest on pensions • Goodwill amortisation *before goodwill amortisation

  4. Earnings Per Share Changes Key Adjustments • Goodwill amortisation • Deferred tax on goodwill

  5. £m UK GAAP 81.1 Pension deficit (27.3) Other intangible assets – R&D/IP 6.9 Dividend accrual 6.2 Foreign exchange (1.7) Deferred tax (1.3) Goodwill 0.7 Other (0.2) IFRS 64.4 Shareholders Funds Changes

  6. £m UK GAAP Adjustment IFRS Aircraft & Vehicle Systems 81.9 (5.3) 76.6 Information & Power Systems 115.6 (1.9) 113.7 Tactical & Sonar Systems 122.1 (1.7) 120.4 319.6 (8.9) 310.7 Changes By DivisionTURNOVER

  7. £m UK*GAAP Adjustment IFRS Aircraft & Vehicle Systems 14.7 0.2 14.9 Information & Power Systems 14.8 0.2 15.0 Tactical & Sonar Systems 13.0 0.4 13.4 42.5 0.8 43.3 Changes By DivisionOPERATING PROFIT *before goodwill amortisation

  8. Overall Effect on 2004 • Sales reduced by 3% to £310.7m • Closing order book reduced by 2% to £389m • PBT up to £40.1m – no goodwill amortisation • EPS up to 43.7p • Shareholders funds reduced to £64.4m

  9. Effect on 2005 • Sales and order book dependent on spot rates • Higher R&D capitalisation • Potential PBT volatility due to valuation of forex contracts • Tax rate increased by approximately 1% • Shareholders funds dependent on pension deficit

  10. Trading UpdateTRADING • In line with expectations • Acquisitions performing as expected • Progress in all three divisions • Margin improvement continues • Strong balance sheet

  11. Trading UpdateNEW BUSINESS and OUTLOOK • Battlespace IT sector strong • Positions secured on new ASW platforms • Good prospects on UK armoured vehicles • Order book gives visibility of earnings • Outlook broadly in line with consensus • subject to IFRS adjustment

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