BusinessCorporate Finance‘Little change under IFRS’ for Smith & Nephew

'Little change under IFRS' for Smith & Nephew

FTSE100 company Smith & Nephew has advised the city that its shareholders will be largely unaffected by the switch to international financial reporting standards.

Link: Burberry Group to publish IFRS results

In a conference call to financial market analysts, the medical device manufacturer’s finance director, Peter Hooley, restated key figures from its 2003 accounts. He demonstrated that adjusted earnings per share fell just 1.5% that year under IFRS and was likely to fall only 1% in 2004.

He also announced that the move to the new accounting standards would have a neutral effect on cashflow, with the same applying for many of the key performance indicators.

Following on from today’s announcement, the company will publish its preliminary 2004 results on 3 February next year alongside a ‘quantification’ of IFRS on those results. But Hooley assured investors: ‘There will be very little change in the numbers for 2004’.

In March, the company will publish a booklet with its revised accounting policies, reconciliations between UK GAAP and IFRS and restated income, and balance sheets for 2003 and 2004. Smith & Nephew will publish its Q1 2005 results in IFRS in May.

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