2 Restatement of comparatives

The adoption of FRS 17 ‘Retirement Benefits’ has required full consolidation of the fair value of assets and liabilities arising from retirement benefit obligations. As a result of this change in accounting policy, the comparatives have been restated as follows:

Profit & Loss Account

Consolidated results	Operating profit £m	Other finance (costs) income £m	Taxation £m	Profit after taxation £m
Year ended 31 March 2004
Excluding effect of FRS 17	422.5		(11.8)	175.2
Adoption of FRS 17	(0.7)	(0.3)	(2.7)	(3.7)
As stated	421.8	(0.3)	(14.5)	171.5
Year ended 31 March 2003
As previously stated	380.4		(33.1)	139.3
Adoption of FRS 17	1.6	0.3	(0.6)	1.3
As restated	382.0	0.3	(33.7)	140.6

Balance Sheet

Consolidated results	Prepayments and accrued income £m	Pension asset (liability) £m	Shareholders' funds £m
Year ended 31 March 2004
Excluding effect of FRS 17	40.2		4,679.3
Adoption of FRS 17	(10.0)	0.1	(9.9)
As stated	30.2	0.1	4,669.4
Year ended 31 March 2003
As previously stated	18.6		4,129.3
Adoption of FRS 17		(6.0)	(6.0)
As restated	18.6	(6.0)	4,123.3

The effect of the adoption of FRS 17 ‘Retirement Benefits’ on the parent company results is exactly the same as the effect on the consolidated results. Parent company results excluding the effect of FRS 17 were as follows: profit after taxation £279.5m (2003: £116.1m); shareholders’ funds £1,993.7m (2003: £1,780.9m).


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