UK-based listed property group Liberty International (LBT) will experience a small drop in its adjusted earnings per share (EPS) for the financial year to end December 2004 - to 27.1 pence from 29 pence - as it restates its financial results under the new International Financial Reporting Standards (IFRS) compared to UK GAAP, the company says.
In a statement ahead of its interim results for the six months to end-June 2005, set to be released on Thursday, Liberty International said that, with the adoption of IFRS, its 2004 basic EPS would rise to 104.8 pence from 39.3 pence previously, while its diluted, adjusted net asset value (NAV) per share would increase to 1,025 pence from 1,017 pence under GAAP.
The group's ratio of net debt to assets would remain unchanged at 36% under IFRS, it added, and its net rental income would increase to stlg 256.3 million compared to stlg 248.9 million previously.
Operating profit before exceptional items would experience a significant rise under IFRS, to stlg 601.5 million from stlg 245.2 million.
Under current UK GAAP, the profit and loss account generally contained only items which have either been realised in cash or are expected to be realised in cash within a short period. Under IFRS, market value adjustments and other estimates - which bear less of a direct relationship to the underlying cash flow - are included in the income statement.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
