Change to $ Reporting
On 2 November 2006, the Signet Group plc (the "Company") announced its intention to move to US dollar reporting with effect from 4 February 2007. Financial information for prior periods has been restated from UK pounds to the new presentational currency, US dollars, in accordance with IAS 21.
Pro forma translated results
Unaudited summary pro forma published financial data (Income statement, Segmental information, Balance sheet, Cash flow and Reconciliation of net cash flow to movement in net debt) for 2002/03 - 2006/07 translated into US dollars at the average rates then prevailing, are available here.
Quarterly data for the 53 weeks to February 2007 are available here.
Quarterly data for the year to 28 January 2006 are available here.
Rationale
To better reflect its underlying performance the Group will report its financial statements in US dollars from the commencement of the fiscal year that began on 4 February 2007. Currently over 70% of the Group’s sales, operating profit and net assets, including predominantly all its borrowings, are denominated in US dollars.
Process
Shareholders approved the redenomination of the Company's share capital into US dollars at an extraordinary general meeting of shareholders on 12 December 2006. The redenomination, which was also subject to Court approval, became effective on 5 February 2007.
Domicile & share listings
The Company continues to be registered and have its headquarters in England and maintains its primary listing on the London Stock Exchange, with the shares quoted in sterling. It also maintains a listing on the New York Stock Exchange, with the American Depositary Receipts quoted in US dollars.
Future dividends
Future dividends will be declared in US dollars, but for those shareholders with a UK address or who so elect, dividends will continue to be paid in sterling.
Further information is given in the circular to shareholders of 7 November 2006 (pdf 149kb).