Financial statements
NOTES TO THE FINANCIAL STATEMENTS
5. Retrospective application of ifric 12
Accounting policy for service concession arrangements
In accordance with the first time requirement of application of IFRIC 12 "Service concession arrangements" a restatement of amounts for prior years is required, consequently amounts have been restated and IFRIC 12 applied from 1 April 2008. Where a contract for the provision of public services meets the scope of IFRIC 12 the service concession is to be treated as a contract receivable, split between the profit on the construction of assets, operation of the service and provision of finance through interest receivable. The Group's existing contract with West Sussex County Council for the provision of waste collection and disposal services falls within the scope of IFRIC 12.
As a result of the adoption of IFRIC 12 comparative figures have been restated:
|
Year ended 31 March 2009 |
|||
|
Previously |
Application of |
Restated now |
|
|
Income Statement |
|||
|
Revenue |
522.7 |
5.3 |
528.0 |
|
Other operating expenses |
(325.3) |
(8.0) |
(333.3) |
|
Depreciation |
(42.4) |
0.7 |
(41.7) |
|
Finance income |
4.9 |
2.3 |
7.2 |
|
Taxation - current tax |
(11.5) |
(0.6) |
(12.1) |
|
Taxation - deferred tax |
(5.0) |
(1.4) |
(6.4) |
|
Profit for the year |
23.1 |
(1.7) |
21.4 |
|
31 March 2009 |
31 March 2008 |
|||||
|
Previously reported |
Application of IFRIC 12 |
Restated now reported |
Previously reported |
Application of IFRIC 12 |
Restated now |
|
|
Balance Sheet |
||||||
|
Non-current assets |
||||||
|
Property, plant and equipment |
401.2 |
(28.4) |
372.8 |
347.1 |
(21.1) |
326.0 |
|
Trade and other receivables |
10.6 |
35.6 |
46.2 |
9.3 |
28.0 |
37.3 |
|
Current liabilities |
||||||
|
Current tax |
(22.1) |
(1.6) |
(23.7) |
(16.7) |
(1.0) |
(17.7) |
|
Non-current liabilities |
||||||
|
Deferred tax |
(13.9) |
(2.1) |
(16.0) |
(10.4) |
(0.7) |
(11.1) |
|
Shareholders' equity |
||||||
|
Retained earnings |
||||||
|
Brought forward |
(5.0) |
5.2 |
0.2 |
(15.5) |
2.9 |
(12.6) |
|
Profit for the year |
23.1 |
(1.7) |
21.4 |
25.0 |
2.3 |
27.3 |
|
Carried forward |
(6.7) |
3.5 |
(3.2) |
(5.0) |
5.2 |
0.2 |
|
CASH FLOW STATEMENT |
||||||
|
Cash generated from operations |
||||||
|
Profit for the year |
23.1 |
(1.7) |
21.4 |
25.0 |
2.3 |
27.3 |
|
Depreciation charge |
42.4 |
(0.7) |
41.7 |
42.9 |
(0.7) |
42.2 |
|
Finance income |
(4.9) |
(2.3) |
(7.2) |
(4.5) |
(1.8) |
(6.3) |
|
Taxation |
16.5 |
2.0 |
18.5 |
9.2 |
0.4 |
9.6 |
|
Increase in trade and other receivables |
(11.3) |
(5.3) |
(16.6) |
(22.5) |
(4.4) |
(26.9) |
|
Purchase of property, plant and equipment |
(90.2) |
8.0 |
(82.2) |
(58.9) |
4.2 |
(54.7 ) |
During the year the Group's joint venture Viridor Laing (Greater Manchester) Limited was established; its operations also fall within the scope of IFRIC12.