IFRS presentation to analysts and investors - About United Utilities

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Martin BeesleyFinance Director, United Utilities North WestThank you Simon, and good morning ladies and gentlemen.
United Utilities’ basis of preparation• Under IFRS transitional rules, United Utilities has made the followingprincipal choices:– to apply IAS 32 (Financial Instruments: Disclosure and Presentation)and IAS 39 (Financial Instruments: Recognition and Measurement),from 1 April 2005;– to use the fair value at the date of transition to establish a deemed costfor the opening balance sheet value of the infrastructure fixed assets;and– to recognise in full all actuarial gains and losses relating to pensionschemes both at the opening balance sheet date and prospectivelythrough the Statement of Recognised Income and Expense11Before I deal with the detail, let me talk a little bit about the choices we havemade. As Simon has already said, we’ve opted to apply IAS 32 and IAS 39 from1 April 2005, making use of the IFRS transitional rules. Consequently, there areno restatements relating to derivatives for 2004/05 accounts.As a result of changes in accounting for infrastructure assets, we’ve chosen to usethe fair value, at the date of transition, to establish a deemed cost for the openingbalance sheet value of the infrastructure fixed assets.The other principal choice we’ve made is to recognise, in full, all actuarial gainsand losses relating to our pension schemes, both at the opening balance sheetdate and prospectively through the Statement of Recognised Income andExpense.
Page 1 and 2: United Utilities PLCInternational F
Page 3 and 4: Simon BateyGroup Finance DirectorGo
Page 5 and 6: IFRS conversion timetable31/03/04 3
Page 7 and 8: IFRS headlines - effect on 2004/05
Page 9: Segmental operating profit£mIFRS 1
Page 13 and 14: Infrastructure Accounting (IAS 16)
Page 15 and 16: Infrastructure Accounting (IAS 16)I
Page 17 and 18: IFRS impact - net assets at 31 Marc
Page 19 and 20: Interests in Joint Ventures (IAS 31
Page 21 and 22: Interests in Joint Ventures (IAS 31
Page 23 and 24: Defined Benefit Pension Scheme Acco
Page 27 and 28: Business Combinations (IAS 38 / IFR
Page 31 and 32: Deferred Tax (IAS 12)• IAS 12 doe
Page 33 and 34: Major IFRS adjustments representing
Page 37 and 38: Accounting for Derivatives (IAS 39)
Page 39 and 40: Accounting for Derivatives (IAS 39)
Page 41 and 42: Operating Profit (£m)IFRS impact -
Page 45 and 46: IFRS impact - 2004/05 earnings per
Page 47 and 48: Retained Earnings• The consolidat
Page 49 and 50: IFRS impact on key ratios and finan
Page 51 and 52: Summary• Overall impact on profit

IFRS presentation to analysts and investors - About United Utilities

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