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Quarterly pro forma translated results 2005/06

Financial Statements: 2005/06 Year History in US Dollars

Income Statement
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Sales
Cost of sales		 697.8
(629.4)		 646.8
(586.7)		 556.9
(538.3)		 1,252.6
(975.0)		 3,154.1
(2,729.4)
Gross profit
Administrative expenses
Other operating income		 68.4
(34.8)
22.1		 60.1
(33.1)
20.5		 18.6
(28.6)
19.0		 277.6
(36.8)
21.7		 424.7
(133.3)
83.3
Operating profit
Finance income
Finance expense		 55.7
1.9
(4.9)		 47.5
1.6
(4.9)		 9.0
0.5
(5.0)		 262.5
2.5
(5.7)		 374.7
6.5
(20.5)
Profit before tax
Taxation		 52.7
(18.1)		 44.2
(15.4)		 4.5
(1.5)		 259.3
(90.3)		 360.7
(125.3)
Profit for the financial period 34.6 28.8 3.0 169.0 235.4
           
Earnings per share
   - basic
   - diluted		 2.0c
2.0c		 1.7c
1.6c		 0.2c
0.2c		 9.7c
9.7c		 13.6c
13.5c

 

Segmental Information
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Sales
UK
US		 172.5
525.3		 168.4
478.4		 162.9
394.0		 341.5
911.1		 845.3
2,308.8
  697.8 646.8 556.9 1,252.6 3,154.1
Operating profit
UK Trading
Central costs		 (0.8)
(2.8)		 (3.8)
(3.1)		 (4.4)
(2.8)		 97.4
(5.7)		 88.4
(14.4)
UK
US		 (3.6)
59.3		 (6.9)
54.4		 (7.2)
16.2		 91.7
170.8		 74.0
300.7
  55.7 47.5 9.0 262.5 374.7

 

Balance Sheet
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Assets:
Non-current assets		          
Intangible asset 32.7 37.1 37.9 40.5 40.5
Property, plant and equipment 435.5 437.5 450.2 449.2 449.2
Other receivables 24.4 24.5 24.7 25.3 25.3
Retirement benefit asset - - - - -
Deferred tax asset 30.0 28.9 29.0 30.8 30.8
  522.6 528.0 541.8 545.8 545.8
Current assets          
Inventories 1,149.6 1,090.7 1,363.7 1,203.1 1,203.1
Trade and other receivables 628.6 609.3 590.1 761.8 761.8
Cash and cash equivalents 154.5 50.0 35.2 92.9 92.9
  1,932.7 1,750.0 1,989.0 2,057.8 2,057.8
Total assets 2,455.3 2,278.0 2,530.8 2,603.6 2,603.6

Liabilities:
Current liabilities		          
Borrowings due in less than one year (48.5) (45.9) (171.9) (267.4) (267.4)
Trade and other payables (328.7) (262.9) (408.5) (362.3) (362.3)
Deferred income (92.4) (82.5) (80.8) (111.2) (111.2)
Current tax (55.4) (34.5) (13.4) (88.9) (88.9)
  (525.0) (425.8) (674.6) (829.8) (829.8)
Non-current liabilities          
Borrowings due in more than one year (251.0) (251.0) (251.0) - -
Trade and other payables (25.4) (56.3) (61.4) (63.7) (63.7)
Deferred income (140.0) (1.09.6) (102.5) (116.1) (116.1)
Provisions (10.9) (9.9) (9.8) (11.0) (11.0)
Retirement benefit obligation (3.6) (3.3) (3.4) (27.4) (27.4)
  (430.9) (430.1) (428.1) (218.2) (218.2)
Total liabilities (955.9) (855.9) (1,102.7) (1,048.0) (1,048.0)
           
Net assets & shareholders' equity 1,499.4 1,422.1 1,428.1 1,555.6 1,555.6

 

Cash Flow
  Q1
$m		 Q2
$m		 Q3
$m		 Q4
$m		 Full Year
$m
Cash flows from operating activities:          
Profit before tax 52.7 44.2 4.5 259.3 360.7
Adjustments for:          
Finance income (1.9) (1.6) (0.5) (2.5) (6.5)
Finance expense 4.9 4.9 5.0 5.7 20.5
Depreciation of property, plant and equipment 18.5 19.1 18.2 25.2 81.0
Amortisation of intangible assets 0.6 0.5 0.6 0.5 2.2
Other non-cash movements (0.2) 3.9 1.8 3.3 8.8
Profit on disposal of property, plant and equipment - - - - -
Operating cash flows before movements in working capital 74.6 71.0 29.6 291.5 466.7
Increase in inventories (54.2) 36.0 (271.0) 158.2 (131.0)
Increase in receivables 46.5 19.2 18.9 (177.1) (92.5)
Increase in payables 15.9 (64.3) 141.9 1.9 95.4
Cash generated from operations 82.8 61.9 (80.6) 274.5 338.6
Interest paid (4.9) (5.0) (5.0) (5.6) (20.5)
Taxation paid (43.7) (33.9) (23.4) (15.5) (116.5)
Net cash from operating activities 34.2 23.0 (109.0) 253.4 201.6

Investing activities:		          
Interest received 1.9 1.3 0.3 0.8 4.3
Purchase of property, plant and equipment (26.1) (39.4) (43.8) (17.4) (126.7)
Purchase of intangible assets - - - (9.9) (9.9)
Proceeds from sale of property, plant and equipment - - 13.8 (0.3) 13.5
Net cash flows from investing activities (24.2) (38.1) (29.7) (26.8) (118.8)

Financing activities:		          
Dividends paid - (84.6) 0.9 (11.2) (94.9)
Proceeds from issue of shares 0.6 2.9 1.1 2.4 7.0
Purchase of own shares - - - (3.6) (3.6)
Increase/(decrease) in borrowings due in less than one year (52.0) (0.5) 125.2 (156.6) (83.9)
Increase/(decrease) in borrowings due in more than one year - - - - -
Net cash flows from financing activities (51.4) (82.2) 127.2 (169.0) (175.4)

Cash and cash equivalents at beginning of period		 193.5 154.5 50.0 35.2 193.5
Increase/(decrease) in cash and cash equivalents (41.4) (97.3) (11.5) 57.6 (92.6)
Exchange 2.4 (7.2) (3.3) 0.1 (8.0)
Cash and cash equivalents at end of period 154.5 50.0 35.2 92.9 92.9

 

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 (157.9) (145.0) (246.9) (387.7) (157.9)
Increase/(decrease) in cash and cash equivalents (41.4) (97.3) (11.5) 57.6 (92.6)
(Increase)/decrease in borrowings due in less than one year 52.0 0.5 (125.2) 156.6 83.9
(Increase)/decrease in borrowings due in more than one year - - - - -
Exchange 2.3 (5.1) (4.1) (1.0) (7.9)
Net debt at end of period (145.0) (246.9) (387.7) (174.5) (174.5)
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