Operating and Financial Review
Financial Review
- Introduction
- Operating Review
- Financial Review
- Basis of accounting
- Financial performance
- Segmental reporting
- Dividends
- Dividend policy
- Liquidity, resources and capital expenditure
- Treasury policy
- Commodity price hedging
- Commitments and contingencies
- Critical accounting policies
- Related party transactions
- Changes and developments
- Going concern
- US GAAP reporting
- Other matters
Basis of accounting
The accounts present our results for the years ended 31 March 2005, 2004 and 2003 and our financial position as at 31 March 2005 and 2004. They have been prepared using the accounting policies shown in Accounts, in accordance with generally accepted accounting principles in the United Kingdom (UK GAAP).
We also provide a reconciliation from our results and financial position as prepared under UK GAAP to the results and financial position as if they had been prepared in accordance with generally accepted accounting principles in the United States (US GAAP), together with condensed US GAAP financial information. A discussion of the principal differences between UK GAAP and US GAAP is provided in US GAAP reporting.
This is the last annual report in which we will be presenting consolidated accounts under UK GAAP, as we will apply International Financial Reporting Standards (IFRS) starting with our annual report for the year ending 31 March 2006. A discussion of the principal changes that are expected to arise on the implementation of IFRS is included in International Financial Reporting Standards.