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Quarterly pro forma translated results 2006/07

Financial Statements: 2006/07 Year History in US Dollars

Income Statement
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Sales
Cost of sales		 734.3
(667.3)		 732.9
(665.9)		 616.8
(594.2)		 1,475.2
(1,165.0)		 3,559.2
(3,092.4)
Gross profit
Administrative expenses
Other operating income		 67.0
(33.8)
23.1		 67.0
(34.4)
23.4		 22.6
(31.0)
21.8		 310.2
(42.9)
23.2		 466.8
(142.1)
91.5
Operating profit
Finance income
Finance expense		 56.3
2.1
(4.7)		 56.0
5.5
(9.6)		 13.4
5.9
(11.3)		 290.5
5.3
(8.6)		 416.2
18.8
(34.2)
Profit before tax
Taxation		 53.7
(19.3)		 51.9
(18.3)		 8.0
(2.8)		 287.2
(94.4)		 400.8
(134.8)
Profit for the financial period 34.4 33.6 5.2 192.8 266.0
           
Earnings per share
   - basic
   - diluted		 2.0c
2.0c		 1.9c
1.9c		 0.3c
0.3c		 11.2c
11.1c		 15.4c
15.3c

 

Segmental Information
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Sales
UK
US		 159.8
574.5		 176.3
556.6		 173.4
443.4		 397.6
1,077.6		 907.1
2,652.1
  734.3 732.9 616.8 1,475.2 3,559.2
Operating profit
UK Trading
Central costs		 (2.8)
(3.6)		 (3.4)
(3.0)		 (2.0)
(3.7)		 111.6
(3.6)		 103.4
(13.9)
UK
US		 (6.4)
62.7		 (6.4)
62.4		 (5.7)
19.1		 108.0
182.5		 89.5
326.7
  56.3 56.0 13.4 290.5 416.2

 

Balance Sheet
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Assets:
Non-current assets		          
Intangible asset 41.3 42.8 44.8 46.3 46.3
Property, plant and equipment 456.6 463.9 481.5 484.8 484.8
Other receivables 28.4 28.6 28.9 29.2 29.2
Retirement benefit asset - - - 3.7 3.7
Deferred tax asset 31.1 31.2 31.4 29.0 29.0
  557.4 566.5 586.6 593.0 593.0
Current assets          
Inventories 1,240.3 1,227.2 1,497.4 1,350.6 1,350.6
Trade and other receivables 692.7 707.2 673.4 869.1 869.1
Cash and cash equivalents 140.3 421.1 310.8 152.3 152.3
  2,073.3 2,355.5 2,481.6 2,372.0 2,372.0
Total assets 2,630.7 2,922.0 3,068.2 2,965.0 2,965.0

Liabilities:
Current liabilities		          
Borrowings due in less than one year (309.8) (270.1) (392.7) (5.5) (5.5)
Trade and other payables (327.4) (340.9) (425.4) (392.4) (392.4)
Deferred income (101.2) (92.1) (90.4) (122.7) (122.7)
Current tax (57.1) (48.2) (19.6) (101.7) (101.7)
  (795.5) (751.3) (928.1) (622.3) (622.3)
Non-current liabilities          
Borrowings due in more than one year - (380.0) (380.0) (380.0) (380.0)
Trade and other payables (67.0) (68.3) (72.2) (74.7) (74.7)
Deferred income (120.1) (120.7) (116.3) (132.0) (132.0)
Provisions (10.7) (10.8) (10.8) (10.0) (10.0)
Retirement benefit obligation (28.2) (28.3) (28.1) - -
  (226.0) (608.1) (607.4) (596.7) (596.7)
Total liabilities (1,021.5) (1,359.4) (1,535.5) (1,219.0) (1,219.0)
           
Net assets & shareholders' equity 1,609.2 1,562.6 1,532.7 1,746.0 1,746.0

 

Cash Flow
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Cash flows from operating activities:          
Profit before tax 53.7 51.9 8.0 287.2 400.8
Adjustments for:          
Finance income (2.1) (5.5) (5.9) (5.3) (18.8)
Finance expense 4.7 9.6 11.3 8.6 34.2
Depreciation of property, plant and equipment 21.7 22.3 23.7 24.4 92.1
Amortisation of intangible assets 0.5 0.6 0.5 0.8 2.4
Other non-cash movements 1.4 1.7 2.4 (1.0) 4.5
Profit on disposal of property, plant and equipment - - - 0.8 0.8
Operating cash flows before movements in working capital 79.9 80.6 40.0 315.5 516.0
Increase in inventories (28.7) 18.2 (254.3) 146.7 (118.1)
Increase in receivables 64.8 (12.7) 33.0 (186.6) (101.5)
Increase in payables (35.4) (5.7) 67.1 20.1 46.1
Cash generated from operations 80.6 80.4 (114.2) 295.7 342.5
Interest paid (4.7) (5.3) (5.7) (15.7) (31.4)
Taxation paid (50.4) (28.2) (29.4) (22.1) (130.1)
Net cash from operating activities 25.5 46.9 (149.3) 257.9 181.0

Investing activities:		          
Interest received 1.8 4.9 5.6 4.6 16.9
Purchase of property, plant and equipment (24.9) (26.0) (37.3) (28.7) (116.9)
Purchase of intangible assets (1.2) (1.9) (2.4) (2.0) (7.5)
Proceeds from sale of property, plant and equipment - - - 4.5 4.5
Net cash flows from investing activities (24.3) (23.0) (34.1) (21.6) (103.0)

Financing activities:		          
Dividends paid - (90.7) (1.0) (17.0) (108.7)
Proceeds from issue of shares 2.1 1.9 0.6 3.1 7.7
Purchase of own shares - (5.6) (37.6) (20.2) (63.4)
Increase/(decrease) in borrowings due in less than one year 40.6 (48.3) 114.3 (350.6) (244.0)
Increase/(decrease) in borrowings due in more than one year - 380.0 - - 380.0
Net cash flows from financing activities 42.7 237.3 76.3 (384.7) (28.4)

Cash and cash equivalents at beginning of period		 92.9 140.3 421.1 310.8 92.9
Increase/(decrease) in cash and cash equivalents 43.9 261.2 (107.1) (148.4) 49.6
Exchange 3.5 19.6 (3.2) (10.1) 9.8
Cash and cash equivalents at end of period 140.3 421.1 310.8 152.3 152.3

 

Reconciliation of net cash flow to movement in net debt
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Net debt at beginning of period (174.5) (169.5) (229.0) (461.9) (174.5)
Increase/(decrease) in cash and cash equivalents 43.9 261.2 (107.1) (148.4) 49.6
(Increase)/decrease in borrowings due in less than one year (40.6) 48.3 (114.3) 350.6 244.0
(Increase)/decrease in borrowings due in more than one year - (380.0) - - (380.0)
Exchange 1.7 11.0 (11.5) 26.5 27.7
Net debt at end of period (169.5) (229.0) (461.9) (233.2) (233.2)
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