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This excerpt taken from the ICI 6-K filed Mar 21, 2007. (i)
Basis of presentation The separate financial statements of the Company are presented as required by the Companies Act 1985. As permitted by the Act, the separate financial statements have been prepared in accordance with UK Generally Accepted Accounting Principals (“UK GAAP”). The accounting policies under UK GAAP are presented on pages 135 to 136. A list of principal subsidiary undertakings is presented on page 133. This excerpt taken from the ICI 20-F filed Mar 31, 2006. Basis of presentation The tables on pages 18 and 19 of this Annual Report on Form 20-F provide comparisons between the IFRS performance measures of movements in “revenue” and “operating profit before special items” and the non-GAAP performance measures that ICI uses of movements in “constant currency revenue” and “constant currency operating profit before special items”. The tables detail the amounts excluded from the most directly comparable IFRS financial measure. “Reported” relates to the figures included in the financial statements prepared under IFRS. “Constant currency” excludes the effect of currency translation differences and is a non-GAAP financial measure. ICI management use the “constant currency” financial measure for purposes of making decisions about allocating resources across the business and assessing its underlying performance. A more detailed description of “constant currency” performance, how it is calculated, why it is considered useful for investors and the limitations of non-GAAP financial measures are set out on pages 13 and 14 of this Annual Report on Form 20-F. This excerpt taken from the ICI 6-K filed Mar 14, 2006. The separate financial statements of the Company are presented as required by the Companies Act 1985. As permitted by the Act, the separate financial statements have been prepared in accordance with UK Generally Accepted Accounting Principals (“UK GAAP”). The accounting policies under UK GAAP are presented on pages 133 to 134. A list of principal subsidiary undertakings is presented on page 131. This excerpt taken from the ICI 6-K filed Mar 16, 2005. Basis of presentation
In the following commentary, references to ‘trading profit’ relate to operating profit before exceptional items and goodwill amortisation. ICI excludes goodwill amortisation from its review of the businesses as it considers this to be a non-operational item, while operating exceptional items are discussed separately from the underlying business performance because of their one-off nature. Reconciliation between trading profit and the UK GAAP financial measure of operating profit before exceptional items is shown in the table on page 28.
National Starch’s sales were 8% ahead of 2003, on a comparable basis. Sales were strong throughout the year, and accelerated in the second half due to increasing volumes and the impact of price increases implemented to offset rising raw material costs. Petrochemical-based raw material costs escalated through the year and despite the implementation of price increases, gross margin percentages were lower than in 2003. Costs below gross margin rose to support the sales growth, but nevertheless comparable trading profit was 17% ahead of 2003. As reported sales were in line with last year and trading profit as reported was 10% higher. The following commentaries on the four business groupings within National Starch refers to performance measured on a comparable basis. Adhesives Specialty Starches Specialty Synthetic Polymers
ICI ANNUAL REPORT AND ACCOUNTS 2004
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