International Financial Reporting Standards (IFRS)
With effect from 4 March 2005, Whitbread is required to prepare its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).
In preparation for this Whitbread has restated its consolidated financial information for the year ended 3 March 2005, applying International Financial Reporting Standards.
The key headlines are:
- No impact on group cash flow or on ability to pay dividends
- Net Assets reduced by £385m to £1.8bn
- 2004/5 profit after tax reduces by 5%
The first set of results reported by Whitbread under IFRS was the group's interim results, released on 25 October 2005.
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