GPG Interim Report 2005 - Guinness Peat Group plc

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GUINNESS PEAT GROUP PLC • INTERIM REPORT 96. Earnings per share - The calculation of earnings per Ordinary share is based on profit after taxation attributable toshareholders and the weighted average number of 959,300,613 Ordinary shares in issue during the six months. Thecomparatives for the six months to 30 June 2004 and the year to 31 December 2004 have been adjusted for theCapitalisation Issue which took place in May 2005.7. The net tangible assets per share at 30 June 2005 were 49.29p (30 June 2004: 30.92p, 31 December 2004: 32.41p)8. Changes in the issued share capital during the six months to 30 June 2005 comprise the following:£000At 1 January 2005 43,451Employee options exercised 109Scrip dividend alternative shares issued (13 May 2005) 288Capitalisation issue (23 May 2005) 4,384At 30 June 2005 48,2329. Dividends – The directors have not recommended the payment of an interim dividend (6 months to 30 June 2004 Nil).A final dividend of 0.91p per share, adjusted for the 2005 Capitalisation Issue, was paid during the period in respect ofthe year ended 31 December 2004.10. On 5 July 2005, those holders of GPG (UK) Holdings plc Convertible Loan Notes (“CLNs”) who elected to convert theirElection Amounts were issued with 11.7 million Ordinary shares of 5p each (“Conversion Shares”) and the remainingCLN holders were repaid Redemption Amounts of £0.9 million in cash. As no Interim Dividend has been declared, theConversion Shares will, with immediate effect, rank equally with the other shares of the Company.11. Directors – The following persons were directors of GPG during the whole of the half-year and up to the date of thisreport: Sir Ron Brierley, G J Cureton, A I Gibbs, B A Nixon, Dr G H Weiss.12. Directors’ Report – The Chairman’s Statement appearing in the Interim Results and signed by Sir Ron Brierley provides areview of the operations of the Company for the six months ended 30 June 2005.13. Directors’ Declaration – In accordance with a resolution of the directors of Guinness Peat Group plc I state thatin the opinion of the Directors:a) the Interim Results of the consolidated entity:(i)(ii)give a true and fair view of the financial position as at 30 June 2005 and the performance of the consolidatedentity for the half-year ended on that date; andcomply with applicable International Financial Reporting Standards and the UK Companies Act 1985; andb) there are reasonable grounds to believe the Company will be able to pay its debts as and when they become dueand payable.14. Publication - This statement is being sent to shareholders and copies will be available at the registered office of theCompany, First Floor, Times Place, 45 Pall Mall, London SW1Y 5GP. A copy will also be displayed on the Company’swebsite on www.gpgplc.com.On behalf of the BoardB A NixonDirector12 September 2005
10 GUINNESS PEAT GROUP PLC • INTERIM REPORTIndependent Review Report to theMembers of Guinness Peat Group plcIntroductionWe have been instructed by Guinness Peat Group plc (“the Company”) to review the consolidated financial information of theCompany and its subsidiaries (together,“the Group”) for the six months ended 30 June 2005 which comprises the consolidatedincome statement, the consolidated balance sheet, the consolidated statement of recognised income and expenses, theconsolidated cash flow statement and the related notes (hereinafter referred to as “the interim report”). We have read the otherinformation contained in the interim report and considered whether it contains any apparent misstatements or materialinconsistencies with the financial information.This report is made solely to the Company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our workhas been undertaken so that we might state to the Company those matters we are required to state to them in anindependent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.Directors’ responsibilitiesThe interim report,including the financial information contained therein,is the responsibility of,and has been approved by,thedirectors.The directors are responsible for preparing the interim report in accordance with the Listing Rules of the FinancialServices Authority which require that the accounting policies and presentation applied to the interim figures are consistent withthose applied in preparing the preceding annual accounts except where any changes,and the reasons for them,are disclosed.International Financial Reporting StandardsAs disclosed in the Basis of preparation to the IFRS restatement,the next annual financial statements of the Group will be preparedin accordance with International Financial Reporting Standards (IFRS) as adopted for use in the EU.Accordingly,the interim reporthas been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of theListing Rules.The accounting policies are consistent with those that the Directors intend to use in the annual financial statements.There is,however,a possibility that the Directors may determine that some changes to these policies are necessary when preparingthe full annual financial statements for the first time in accordance with IFRS as adopted for use in the EU.Review work performedWe conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Boardfor use in the United Kingdom. A review consists principally of making enquiries of Group management and applyinganalytical procedures to the financial information and underlying financial data and, based thereon, assessing whether theaccounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes auditprocedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than anaudit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower levelof assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.Review conclusionIn our opinion, we are not aware of any material modifications that should be made to the financial information as presentedfor the six months ended 30 June 2005.Deloitte & Touche LLPChartered AccountantsLondon12 September 2005This review report will be published on the Company’s website. A review does not provide assurance on the maintenance andintegrity of the website, including controls used to achieve this, and in particular on whether any changes may have occurred to thefinancial information since first published. These matters are the responsibility of the directors but no control procedures can provideabsolute assurance in this area.Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation inother jurisdictions.
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GPG Interim Report 2005 - Guinness Peat Group plc

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