SESSION 2007 UE 709 – COMPTABILITE ANGLO-SAXONNE 40 rue des Jeûneurs 75002 PARIS
Durée de l’épreuve : 4 heures Le sujet comporte : 18 pages dont Notes 1 à 5 à rendre avec la copie (pages 16 à 18) Ó L’usage de la calculatrice est autorisé. Ó Aucun document n’est autorisé. Ce sujet se présente sous la forme suivante : Exercice 1 : Exercice 2 :
13 points 7 points
EXERCICE 1 : Lawrence Plc est une société anglaise cotée sur le London Stock Exchange (AIM), spécialisée dans la production et la distribution de produits vétérinaires. Vous disposez de l’extrait du rapport annuel 2006 (year ended 31 March 2006) suivant relatif au groupe :
Annexe 1 : Chairman’s Statement (Excerpt) Our results for the year to 31 March 2006 are for the first twelve month period following the series of strategic disposals which is transforming Lawrence plc into a focused business serving the animal pharmaceutical markets worldwide. With a significant part of the corporate activity now behind us, we are able to concentrate virtually exclusively on the development of our core activities. Turnover in the year from continuing operations rose over 19 per cent to £20,332,752, up from £17,797,369 in the previous twelve months. As mentioned in the Interim statement, profit comparison with earlier periods is distorted by the disposals and the ECO Animal Health minority, which we bought out in October 2004. Next year’s results will be easier to evaluate and should allow comparison on a like for like basis, which will be clearer and more meaningful. During this transition period our performance can be better measured by the growth in earnings before interest, tax, depreciation and amortisation (EBITDA) on continuing operations. EBITDA before exceptionals for the year to end March 2006 was £3.4 million, an increase of over twenty per cent when compared with the £2.8 million of the previous year. Amortisation rose significantly during the year reflecting the high level of investment in new drug registrations and also the impact of goodwill on the purchase of the fifty percent minority in ECO Animal Health that we did not already own. Both these amortisation items are non-cash and have no effect on our underlying trading performance. We propose raising the final dividend to 5.45 pence (net) per share.
1
Annexe 2 : Independent Auditor’ Report to the Members of Lawrence Plc (Excerpt) In our opinion the financial statements : give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company and group’s affairs as at 31 March 2006 and of the profit of the group and the cash flow of the group for the year then ended ; are consistent with the information given in the directors’ report and chairman’s statement; and have been properly prepared in accordance with the Companies Act 1985. FW Stephens/Registered Auditors/Chartered Accountants - 25 July 2006 -
Annexe 3 : Principal Accounting Policies (Excerpt) Basis of Preparation The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards as modified by the revaluation of certain fixed assets. The principal accounting policies of the group are set out below, and have been applied consistently in dealing with items which are considered material in relation to the group’s financial statements. Changes in Accounting Policy This is the first accounting period in which the group and company have adopted the Financial Reporting Standards 17 and 21. FRS 17 requires the group to account for pension costs under a different basis to the previous SSAP 24 methodology and in particular results in the recognition of the FRS 17 pension deficit of £338,000 at 31 March 2006 within the balance sheet. FRS 21 requires the group to recognise dividends in the period that they are declared. In addition to adopting the accounting standards in the current year the group is also required to restate comparative financial information to show the effect had the accounting standards been in place at those dates. Consequently, all comparatives in the financial information are stated after the adjustments required by the new accounting standards have been made. Goodwill Goodwill arising on consolidation, representing the excess of the consideration given over the fair values of the identifiable net assets acquired, is capitalised and is amortised on a straight line basis over its estimated useful economic life. Turnover Turnover represents net invoiced sales of goods, excluding value added tax. Tangible Fixed Assets Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. The directors have decided to change the accounting policy in respect of land and buildings and have decided to revalue the properties on a regular basis to give a true and fair picture in the accounts. The asset will continue to be written off over its estimated useful life. Investments Investments are stated at cost less amounts written off. Intangible fixed Assets and Goodwill Trademarks purchased separately from a business are amortised over 20 years, and drug registrations are included at cost and amortised on a straight-line basis over their estimated useful economic life of 10 years. Purchased goodwill is capitalised and amortised on a straight-line basis over its estimated useful economic life of 20 years.
2
Leased Assets Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful economic lives. The interest elements of leasing payments represent a constant proportion of the capital balance outstanding and are charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight-line basis over the lease term. Stock Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Research and Development Research and development expenditure is charged to the profit and loss account in the period in which it is incurred. Deferred Taxation Deferred tax is recognised on all timing differences where the transactions or events that give the company an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not they will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance sheet date.
Annexe 4 : Balance sheet as at 31 March 2006 2006 £ • Fixed assets Intangible fixed assets Tangible fixed assets Investments • Current assets Stocks Debtors Cash at bank and in hand • Creditors Amounts falling due within one year • Net current assets • Total assets less current liabilities • Creditors Amounts falling due after more than one year Pension scheme liability Net assets Capital and Reserves Called up share capital Share premium account Capital redemption reserve Revaluation reserve Profit and loss account • Equity shareholder’ funds Minority interest – equity -
3
2005 £ As restated
28,799,870 1,375,813 569,271 30,744,954
26,818,044 880,933 1,282,565 29,981,542
3,626,256 10,626,685 1,299,195 15,552,136
3,374,837 10,228,333 1,324,159 14,927,329
(8,025,312) 7,526,824 38,271,778
(5,316,506) 9,610,823 38,592,365
(3,082,497) (338,000) 34,851,281
(2,047,120) (334,000) 36,211,245
1,556,011 21,271,961 105,829 428,532 11,486,473 34,848,806 2,475 34,851,281
1,547,997 21,036,776 105,829 13,518,168 36,208,770 2,475 36,211,245
Annexe 5 : Notes to the Financial Statements (Excerpts) 5.1 Turnover A detailed breakdown of the turnover and profit applicable to each activity and geographical segment as required in the Statement of Standard Accounting Practice No 25 (Segmental Reporting) and the Companies Act has not been provided. In the opinion of the directors to do so would be seriously prejudicial to the group’s business. 5.2 Net Operating Expenses Total 2006 • •
£ 5,948,473 (401,275) 5,547,198
Administrative expenses Other operating income
5.3 Write off of Investment The unlisted investments include a holding of loan notes at a book value of £713,294 arising from the disposal, several years ago, of part of the group’s non core business. The purchasers have attempted to redeem these for a sum substantially below their market value based on independent valuations commissioned by the directors and in accordance with best practice these have been provided against in full. The directors have taken legal advice and have commenced the process of taking legal action for compensation to recover their full market value. 5.4 Net Interest Total 2006 • •
On bank and other loans and overdrafts Other interest receivable
£ (347,808) 64,930 (282,878)
5.5 Profit on Ordinary Activities before Taxation The profit on ordinary activities before taxation is stated after charging Total 2006 • Write off of investment • Depreciation - owned assets & Amortisation • Auditors ‘remuneration • R&D expenditure • Operating lease rentals - land and buildings • Operating lease rentals – plant and machinery The profit on ordinary activities before taxation is stated after crediting: • Gain on foreign currency transactions
£ 713,294 2,328,102 44,000 70,092 56,027 123,345
10,467
5.6 Directors and Employees Staff costs during the year were as follows : Total 2006 • • •
£ 2,593,226 255,493 108,646 2,957,365
Wages and salaries Social security costs Pension costs
4
The average number of employees during the year was : 99 Remuneration in respect of directors was as follows : • Salary • Bonus
352,000 31,000 383,000
5.7 Tax on Profit on Ordinary Activities The taxation charge is based on the profit for the year and represents : Total 2006 £ (6,485) (18,374) (24,859)
UK corporation tax at 30 % • Adjustment to prior year • Deferred tax charge Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 30% Effect of; • Non deductible expenses Depreciation Capital allowance Relief for enhanced expenditure Payment of accrued bonus Write off of investment
10,990 405,685 26,924 (21,926) (503,021) (132,640) 213,988 (10,990)
Current tax charge 5.8 Dividend paid and proposed The taxation charge is based on the profit for the year and represents : Total 2006 • •
Final dividend for the period ended 31 March 2005 Interim dividend for the period ended 31 March 2006 Under provision for the period ended 31 March 2005 Proposed final dividend for the period ended 31 March 2006
£ 1,547,997 482,364 57,294 2,087,655 1,696,052
5.9 Earnings per share
• •
Weighted average number of shares Dilutive effect of securities option Total
5
Total 2006 Number 000 31,042 251 31,293
5.10 Intangible fixed assets Goodwill £ • At cost At 1 April 2005 Additions At 31 March 2006 • Amortisation At 1 April 2005 Provided in the year At 31 March 2006 Net book amount At 31 March 2006 At 31 March 2005
Drug registration £
Trade Marks
Total £
£
20,258,054
9,645,027 4,187,597 13,832,624
68,221 587 68,808
29,971,302 4,188,184 34,159,486
533,212 1,021,112 1,554,324
2,573,139 1,181,820 3,754,959
46,907 3,426 50,333
3,153,258 2,206,358 5,359,616
18,703,730 19,724,842
10,077,665 7,071,888
18,475 21,314
28,799,870 26,818,044
Long leasehold property
Freehold property
20,258,054
5.11 Tangible fixed assets
• Cost or valuation At 1 April 2005 Additions Revaluation At 31 March 2006 • Depreciation At 1 April 2005 Provided in the year Revaluation At 31 March 2006 • Net book amount At 31 March 2006 At 31 March 2005
Other tangible assets
Total
£
£
£
£
199,816 140,716 340,532
505,450 144,550 650,000
808,521 188,092 996,613
1,513,787 188,092 285,266 1,987,145
40,096 4,124 (28,688) 15,532
104,468 10,110 (114,578) -
488,290 107,510 595,800
632,854 121,744 (143,266) 611,332
325,000 159,720
650,000 400,982
400,813 320,231
1,375,813 880,933
5.12 Fixed asset investments Total 2006 Cost: At 1 April 2005 • Write off of Petlove Loan Note At 31 March 2006 5.13 Stocks
£ 1,282,565 (713,294) 569,271 Total 2006
£ 2,412,818 1,213,438 3,626,256
Raw material Finished goods
6
5.14 Debtors Total 2006
Trade debtors Other debtors Deferred taxation Prepayments
Amounts falling due after more than one year
£ 9,179,454 1,194,979 18,374 233,878 10,626,685 -
5.15 Creditors : amounts falling due within one year Total 2006
£ 3,122,650 3,348,399 177,609 482,364 480,270 414,020 8,025,312
Bank loans and overdrafts Trade creditors Social security and other taxes Equity dividends Other creditors Accruals
5.16 Creditors: amounts falling due after more than one year Total 2006
Total 2005
£ 3,082,497
Bank loans and other loans
£ 2,047,120
5.17 Borrowings Borrowings are repayable as follows : Total 2006
Within one year – bank borrowings After one and within two years – bank borrowings after two and within five years - banks and others borrowings
Total 2005
£ 3,122,650 2,246,997
£ 790,801 261,780
835,500
1,785,340
6,205,147
2,837,921
5.18 Called up share capital Total 2006 £ 1,556,011
Total 2005
Allotted, issued and fully paid 31,120,227 ordinary shares of 5p (2005 : 30,959,927 ordinary shares of 5p) The increase during the year, £8,014 is arising from proceeds of exercised shares options.
7
£ 1,547,997
Travail à faire : A l’aide des annexes 1 à 5, vous devez répondre aux questions suivantes (tous vos calculs devront être justifiés – 2006 désigne le dernier exercice présenté) : 1) Compléter le compte de résultat présenté en note 1 ci-dessous (les chiffres négatifs seront indiqués entre parenthèses) :
Note 1 : Profit and loss account for the year ended 31 March 2006 Year ended 31 March 2006
£
Turnover
?
Cost of sales
?
Gross profit
6,580,003
Net operating expenses excluding amortisation
?
Amortisation of intangible assets
?
Amortisation of goodwill
?
Operating profit
?
Write off of investment
?
Profit on sale of fixed asset
?
Net interest
?
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
? 24,859
Profit on ordinary activities after taxation
?
Profit for the financial year
?
Basic Earnings per share
?
Diluted Earnings per share
? 2006 £
Earnings before interest, tax, depreciation and amortisation (EBITDA)
?
2) Rappeler la conséquence de l’adoption du FRS 21 en matière de comptabilisation des dividendes. Comment ce changement de méthodes comptables a-t-il été traité ? 3) Quel a été le changement comptable relatif aux immobilisations corporelles ? Quelles sont les immobilisations concernées ?
8
4) Reconstituer les écritures constatées relativement à ce changement pour les - “Freehold property” et « Long leasehold property” permettant de justifier le solde du compte de « Revaluation reserve ». 5) Y-a-t-il eu des cessions d’immobilisations corporelles ou incorporelles durant l’exercice 2006 ? 6) Compléter le tableau relatif au « Statement of Total Recognised Gains and Losses » en note 2 cidessous :
Note 2 : Statement of Total Recognised Gains and Losses 2006 £
Profit for the financial year
?
Exchanges differences
10,468
Actuarial losses on pension scheme
(16,000)
Revaluation reserve
?
Total Recognised Gains and Losses relating to the
?
year
7) Reconstituer le tableau de variation des réserves en note 3 ci-dessous :
Note 3 : Share premium account and reserves Share premium account
Capital redemption reserves £
• Balance at 1 April 2005
Revaluation reserves £
Profit and loss account £
£ 13,518,168
21,036,776
105,829
-
Profit for the year
-
-
-
?
Dividends declared
-
-
-
?
Exchange differences
-
-
-
Share premium on shares issued during the year Revaluation of properties
?
-
-
-
-
-
?
-
Actuarial pension losses
-
-
-
(16,000)
?
?
?
?
Balance at 31 March 2006
9
10,468
8) Reconstituer le tableau de variation des capitaux propres ci-dessous en note 4 :
Note 4 : Reconciliation of movements in shareholders’ funds 2006 £
Profit for the financial year
?
Dividends declared
? Total 1
Other recognised gains and losses
Exchange differences
Increase in shares
? ? 10,468 ?
Net (decrease)/increase in shareholders’ funds
?
Shareholders’ funds at the start of the year
?
Shareholders’ funds at the end of the year
?
9) Compléter le tableau d’explication des flux nets de liquidités provenant de l’activité en note 5 :
Note 5 : Net cash inflow from operating activities 2006 £
Operating profit
Actuarial pension losses
Depreciation
?
Amortisation charge
?
(Increase)/decrease in stocks
?
(Increase)/decrease in debtors
(400,800)
Increase/(decrease) in creditors
276,291
Net cash inflow from operating activities
? (16,000)
2,968,979
10) Quel est l’argumentaire mis en place par la direction de l’entreprise pour contourner la faiblesse du résultat net et du résultat par action en 2006 (en 2005, le résultat de base par action apparaissait à £0,10) ?
10
EXERCICE 2 : Vous disposez des éléments suivants extraits du rapport annuel « 1-800-Flowers.com», société spécialisée dans la vente par Internet de fleurs, de plantes et d’épicerie fine (www.1800flowers.com). Cette société US est cotée sur le marché du NASDAQ.
Annexe 1 : Consolidated Balance Sheets - 1-800-Flowers.com, Inc. and Subsidiaries (in thousands, except share data) • Assets Current Assets Property, Plant and Equipment, net Goodwill Other intangibles, net Deferred income taxes Other assets Total assets • Liabilities and Shareholders’ Equity Current Liabilities Long-term debt and obligations under capital leases Other liabilities Total liabilities Stockholders’ Equity: Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued Class A common stock, $.01 par value, 200,000,000 shares authorized – 29,872,183 and 29,888,603 shares issued in 2006 and 2005 respectively Class B common stock, $.01 par value, 200,000,000 shares authorized – 42,138,465 and 42,144,465 shares issued in 2006 and 2005 Additional paid-in capital Retained deficit Deferred compensation Treasury stock, at cost – 1,555,350 and 1,380,850 Class A shares in 2006 and 2005, respectively, and 5,280,000 Class B shares Total Stockholders’ Equity Total liabilities and stockholders’ Equity
11
July 2, 2006
July 3, 2005
$
$
114,196 59,732 131,141 29,822 6,224 5,519 $ 346,634
$ 73,014 78,063 2,374 $ 153,451
-
101,410 50,474 63,219 14,215 17,161 5,473 $ 251,952
$ 59,718 3,347 2,553 $ 65,618
299
300
421
421
262,667 (56,011) (14,193)
258,848 (59,198) (1,116) (12,921)
193,183 $ 346,634
186,334 $ 251,952
Annexe 2 : Consolidated Statements of Income (in thousands, except share data) Net revenues Cost of revenues • Gross profit Operating expenses: Marketing and sales Technology and development General and administrative Depreciation and amortization Total Operating expenses • Operating income Other income (expense) Interest income Interest expense Other, net • Total other income, net Income before income taxes Income taxes (benefit) • Net income
July 2, 2006 $ 781,741 456,097 325,644
July 3, 2005 $ 670,679 395,028 275,651
239,573 19,819 43,978 15,765 319,135 6,509
198,935 14,757 35,572 14,489 263,753 11,898
1,260 (1,407) 6 (141) 6,368 3,181 $ 3,187
1,690 (481) 140 1,349 13,247 5,398 $ 7,849
Annexe 3 : Notes to Consolidated Financial Statements (Excerpt) Note 1. Description of Business 1-800-Flowers.com Inc. is a leading gift retailer, providing a broad range of thoughtful gift products including flowers, plants, gourmet foods, cookies, cakes, candies, wine, gift baskets, and other unique gifts to our customers around the world. Note 2. Significant Accounting Policies 2.1 Fiscal Year The Company’s fiscal year is a 52- or 53- week period ending on the Sunday nearest to June 30. 2.2 Basis of Presentation The consolidated financial statements include the accounts of 1-800-Flowers.com and its whollyowned subsidiaries (collectively the “Company”) All significant intercompany accounts and transactions have been eliminated in consolidation. 2.3 Goodwill and Other Intangible Assets Goodwill and indefinite-lived intangibles are not amortized, but are evaluated annually in the Company’s fiscal fourth quarter for impairment. The Company performs its impairment tests utilizing the two steps process as outlined in SFAS n° 142. To date, there has been no impairment of these assets. 2.4 Deferred Catalog Costs The Company capitalizes the costs of producing and distributing its catalogs. These costs are amortized in direct proportion with actual sales from the corresponding catalog over a period not to exceed 26-weeks. Included within Other assets was $4.3 million and $3.7 million at July 2, 2006 and July 3, 2005, respectively, relating to prepaid catalog costs.
12
2.5 Marketing and Sales Marketing and sales expense consists primarily of advertising and promotional expenditures, catalog costs, online portal and search expenses, retail store and fulfillment operations and customer service center expenses. The Company expenses all advertising costs, with the exception of catalog costs, at the time the advertisement is first shown. 2.6 Investments The Company considers all of its debt and equity securities, for which there is a determinable fair market value and no restrictions on the Company’s ability to sell within the next 12 months, as available-for-sale. Available-for-sale securities are carried at fair value. Note 3. Acquisitions The Company accounts for its business combinations in accordance with SFAS n° 141 which addresses financial accounting and reporting for business combinations and requires that all such transactions be accounted for using the purchase method. Acquisition of Fannie May Confections brands, Inc. On May 1, 2006, the Company acquired all of the outstanding common stock of Fanny May Confections Brands, Inc., a manufacturer and multi-channel retailer and wholesaler of premium chocolate and other confections under the well-known Fanny May, Harry London and Fanny Farmer brands. The acquisition, for a purchase price of $91,914,000, was paid in cash. Acquisition of Wind and Weather On October 31, 2005, the Company acquired all of the outstanding common stock of Wind and Weather, a Fort Bragg, California based direct marketer of weather-themed gifts. The acquisition, for a purchase price of $5,250,000, was paid in cash. The following table summarizes fair values of assets acquired and liabilities assumed at the date of acquisitions of Fanny May and Wind & Weather :
Current assets Property, plant and equipment Intangible assets Other assets Currents liabilities Deferred tax liabilities Other liabilities
Purchase Price Allocation (in thousands) of Fanny May Wind & Weather Confections Brands $ 21,979 $ 4,014 3,640 67 13,200 2,560 156 20 4,929 3,810 4,485 265 399 39
Acquisition of Cheryl & Co On March 28, 2005, the Company acquired all of the outstanding common stock of Cheryl & Co, a Westerville, Ohio-based manufacturer and direct marketer of premium cookies and related baked gift items. Note 4. Capital Stock Holders of Class A common stock generally have the same rights as the holders of Class B common stock, except that holders of Class A common stock have one vote per share and holders of Class B common stock have 10 votes per share on all matters submitted to the vote of stockholders. Class B common stock may be converted into Class A at any time.
13
Note 5 : Consolidated Statements of Stockholders’ Equity (in thousands, except share data) Common Stock
Balance 2005
at
July,
3
Exercise of employee stock options and vesting of restricted stock Share-based compensation Reclassification of unvested restricted stock upon adoption of SFAS n°123R Stock repurchase program Conversion of Class B common stock into Class A common stock Net income Balance 2006
at
July
2,
Retained Deficit
Unearned StockBased Compensation
$ (59,198)
$ (1,116)
Treasury Stock
Shares
Amount
Shares
Amount
Additional Paid-in Capital
29,888,603
$ 300
42,144,465
$ 421
$ 258,848
133,499
1
-
-
649
-
-
-
-
-
4,284
-
-
(2)
-
-
(1,114)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,187
-
-
-
3,187
$ (56,011)
$ -
6,835,350
$ (14,193)
Class A
-
(155,919)
6,000 29,872,183
Class B
$ 299
(6,000) 42,138,465
$ 421
$ 262,667
1,116
Shares
Amount
6,660,850 $ (12,921)
-
182,000
$ 186,334
-
(7,500)
-
Stockholders ’ Equity
650
52
-
(1,324)
4,336
-
(1,324)
$ 193,183
Travail à faire : A l’aide des annexes 1 à 3, veuillez répondre aux questions suivantes (tous vos calculs devront être justifiés -2006 désigne le dernier exercice présenté-) : 1)
Quelle est la politique comptable relative aux coûts des catalogues et aux dépenses de publicité ?
2)
A quelle(s) condition(s) les titres peuvent-ils être considérés par cette entreprise comme des « availablefor-sale » ? Quelle est la méthode de valorisation de ces titres ? Quel est alors le « résultat » intéressé par leurs variations de valeur ?
3)
L’entreprise a-t-elle distribué des dividendes en 2006. Quel est le montant distribué ?
4)
Y-a-t-il eu des conversions d’actions entre les actions de classe A et celles de classe B ? En déduire le taux de conversion entre ces titres ? Quelle écriture comptable a été passée pour constater ces éventuelles conversions ?
5)
L’entreprise a-t-elle acquis des actions propres en 2006 ? Constater l’écriture ou les écritures relatives à ces éventuelles acquisitions. En déduire la méthode de comptabilisation retenue pour ces opérations.
6)
En quoi consiste « the two steps process » pour la détermination de la dépréciation du goodwill, dont fait référence la note 2.3 ?
7)
Déterminer le montant du goodwill relatif aux acquisitions de Fanny May and Wind & Weather.
15
NOM PATRONYME : Prénoms : N° UE : Matière : _____________________________________________________________________________________________
(à compléter et à rendre avec la copie)
Note 1 : Profit and loss account for the year ended 31 March 2006 Year ended 31 March 2006
£
Turnover Cost of sales
Gross profit
6,580,003
Net operating expenses excluding amortisation Amortisation of intangible assets Amortisation of goodwill
Operating profit
Write off of investment Profit on sale of fixed asset Net interest
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
24,859
Profit on ordinary activities after taxation
Profit for the financial year
Basic Earnings per share
Diluted Earnings per share 2006 £
Earnings before interest, tax, depreciation and amortisation (EBITDA)
16
NOM PATRONYME : Prénoms : N° UE : Matière : _____________________________________________________________________________________________
(à compléter et à rendre avec la copie)
Note 2 : Statement of Total Recognised Gains and Losses 2006 £
Profit for the financial year
Exchanges differences
10,468
Actuarial losses on pension scheme
(16,000)
Revaluation reserve
Total Recognised Gains and Losses relating to the
year
Note 3 : Share premium account and reserves Share premium account
Capital redemption reserves £
• Balance at 1 April 2005
Revaluation reserves £
£
21,036,776
105,829
-
Profit for the year
-
-
-
Dividends declared
-
-
-
Exchange differences
-
-
-
-
-
Share premium on shares issued during the year Revaluation of properties
-
-
Actuarial pension losses
-
-
Balance at 31 March 2006
17
Profit and loss account £ 13,518,168
10,468 -
-
(16,000)
NOM PATRONYME : Prénoms : N° UE : Matière : _____________________________________________________________________________________________
(à compléter et à rendre avec la copie)
Note 4 : Reconciliation of movements in shareholders’ funds 2006 £
Profit for the financial year
Dividends declared
Other recognised gains and losses
Exchange differences
Increase in shares
Total 1
10,468
Net (decrease)/increase in shareholders’ funds
Shareholders’ funds at the start of the year
Shareholders’ funds at the end of the year
Note 5 : Net cash inflow from operating activities 2006 £
Operating profit
Actuarial pension losses
Depreciation
Amortisation charge
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(400,800)
Increase/(decrease) in creditors
276,291
Net cash inflow from operating activities
(16,000)
18
2,968,979
