Brambles 2006 Annual Report - Alle jaarverslagen

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150 Brambles 2006 Annual Report NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 30 June 2006 Note 38. Explanation of the impact of transition from UK GAAP to IFRS continued Based on actuarial calculations as at 1 July 2004, a defined benefit plan deficit of £94.0 million was recognised on transition to IFRS, together with a related deferred tax asset of £26.9 million. A reclassification of £3.2 million was made from provisions to defined benefit plan deficit in relation to pension arrangements already provided. Prepayments of £2.0 million at 1 July 2004 in relation to SSAP 24 accounting that previously applied under UK GAAP were reversed on transition to IFRS. A net transitional adjustment of £69.1 million was taken as a reduction in retained earnings. Brambles has elected to early adopt the amendment to IAS 19 in order to recognise actuarial gains and losses in the statement of recognised income and expense. Actuarial calculations at 30 June 2005 show that the actuarial result for the year to 30 June 2005 was a loss of £8.0 million, before a related tax credit of £2.2 million, and that the defined benefit plan deficit at June 2005 was £105.2 million, before a related deferred tax asset of £29.1 million. The increased defined benefit plan deficit and related deferred tax asset have been recognised in the 30 June 2005 financial statements. The actuarial loss and related tax credit have been presented in the statement of recognised income and expense and have not directly impacted reported profit. As a result of applying IAS 19 to retirement benefit obligations, employee benefit expense for the year to 30 June 2005 was £3.0 million higher than under UK GAAP, after a related tax credit of £1.0 million. Note 17 to the consolidated financial report for the half-year ended 31 December 2005 reported an actuarial loss of £35.0 million within the consolidated statement of recognised income and expense for the year ended 30 June 2005. This amount was based on fund membership data and actuarial information available at the time of preparing the 2005 Annual Report and Annual Review. Better quality fund membership data and revised actuarial estimates as at 30 June 2005 were received in April 2006 and have been reflected in the 2005 financial results now presented. i) Share-based payments Under IFRS 2: Share-based Payments, Brambles has recognised the fair value of options and performance shares granted to employees since 7 November 2002 as an expense in the income statement on a pro-rata basis over the vesting period, with a corresponding adjustment to equity for equity settled awards and to provisions for cash settled (phantom) awards. Previously under UK GAAP, only performance shares, which are issued at a discount to market price, were recognised as an expense. Based on actuarial calculations, a reduction in retained earnings of £3.0 million was recognised at 1 July 2004 on transition to IFRS, with a corresponding increase in reserves of £2.0 million and in provisions of £1.0 million. For the year to 30 June 2005, employee benefit expenses was £4.0 million higher than under UK GAAP, with a corresponding increase in reserves of £3.0 million and provisions of £1.0 million. j) Foreign currency translation reserve In its transition to IFRS, Brambles has chosen not to make use of the exemption set out in IFRS 1 that permits cumulative translation differences that existed at the date of transition to IFRS to be transferred to retained earnings and the foreign currency translation reserve at 1 July 2004 deemed to be zero. Instead, the foreign currency translation reserve has been re-calculated in US dollars from the date of establishment of the DLC. The foreign currency translation reserve under UK GAAP in sterling has been adjusted for IFRS impacts. The impact of changing presentational currency to US dollars has been reflected in the foreign currency translation reserve. Brambles has hedged a loan forming part of its investment in an overseas subsidiary. Under IFRS, because the loan is not in the functional currency of either the borrower or lender, hedge gains or losses must be taken to the income statement, rather than to the foreign currency translation reserve. Foreign exchange gains for the year to 30 June 2005 were £1.0 million higher than under UK GAAP, with a corresponding reduction in the foreign currency translation reserve. k) Operating leases Under IAS 17: Leases, operating leases with fixed rental increases are required to be amortised on a straight-line basis over the life of the lease, rather than on the basis of the cash flow in the lease, which was the treatment previously applied by Brambles. Other non-current payables have increased by £2.7 million and £2.6 million at 1 July 2004 and 30 June 2005 respectively, with corresponding decreases in deferred tax liabilities and retained earnings at those dates. This adjustment was not reflected in the 2005 comparative data reported at the half-year. The impact on profits for the year ended 30 June 2005 was immaterial. l) Other Certain other adjustments were made on transition to IFRS, but these are individually and collectively immaterial. m) Presentation of results from joint ventures and associates Under IFRS, the after-tax share of results from joint ventures and associates is presented on one line in the income statement, unlike UK GAAP where Brambles’ share of sales, operating profit, interest and tax were separately presented. Additionally, results from discontinued operations have also been reclassified. As a result of this change in income statement presentation, operating profit for the year to 30 June 2005 decreased by £11.5 million, with corresponding decreases in finance costs and tax expense. There was no change to profit after tax.
151 Brambles 2006 Annual Report Note 39. Explanation of the impact of transition from AGAAP to IFRS A summary of the effect of the adoption of IFRS on equity and on profit for the period, compared to that previously reported under AGAAP, is set out below. Note 30 June 2005 A$m 1 July 2004 A$m Equity as reported under AGAAP 3,244.8 3,231.1 Goodwill c 79.6 – Retirement benefit obligations e (174.1) (180.4) Share-based payments f (1.9) (2.6) Foreign currency translation reserve g (0.9) – Straight-line lease amortisation h (4.2) (4.3) Other i (8.3) (16.4) (109.8) (203.7) Equity as reported under IFRS 3,135.0 3,027.4 2005 Note A$m Profit as reported under AGAAP 531.2 Goodwill c 79.6 Retirement benefit obligations e (6.0) Share-based payments f (17.9) Other i 8.6 Profit as reported under IFRS 595.5 64.3 Detailed reconciliations of the impact of the transition from AGAAP to IFRS, together with explanatory notes, are set out in the following tables: • Reconciliation of equity at 1 July 2004, the date of transition to IFRS; • Reconciliation of equity at 30 June 2005, the previous year end; • Reconciliation of profits for the previous year ended 30 June 2005; • Reconciliation of equity at 1 July 2005; and • Explanatory notes. Note 38 sets out equivalent information in relation to the transition from UK GAAP to IFRS.
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