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Preliminary International Financial Reporting Standards Financial Statements for 2004
02/06/2005
Introduction
ITV plc will be reporting its financial results in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") from 1 January 2005. The Group's first IFRS results will be the interim results for the six months to 30 June 2005 with the first Annual Report under IFRS being for the year ended 31 December 2005. The Group's date of transition to IFRS is 1 January 2004. The purpose of this statement is to present the effect of IFRS on ITV plc at the date of transition and for the 2004 full year and half year comparative periods.
Summary
IFRS does not affect the underlying business performance of ITV, has no impact on cash generated from operations, and does not have a significant impact on ITV's results before amortisation for the year ended 31 December 2004. EBITA remains virtually unchanged at £254m and although PBT reduces to £168m this is principally due to an increased amortisation charge.
Looking forward, IFRS is expected to have minimal further impact on EBITA. The increased amortisation charge, and other IFRS changes, will have a reduced effect on PBT in 2005. In 2006, amortisation will reduce significantly and will also be below the estimated 2006 UK GAAP amortisation.
| Impact on 2004 profit: | £m |
| Pensions – operating cost | 5 |
| Share based payments | (5) |
| Other | (1) |
 | |
| Impact on EBITA | (1) |
| Goodwill amortisation | 72 |
| Amortisation of other intangibles | (105) |
| Net financing costs (pensions) | (6) |
| Joint ventures and associates | 1 |
| |
| Impact on profit before tax | (39) |
| Taxation | 36 |
| |
| Impact on profit after tax | (3) |
| |
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