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Pro forma translated results: 2002/03 to 2006/07

Financial Statements: Five Year History in US Dollars

Income Statement
 
 2006/07
Full Year
$m		 2005/06
Full Year
$m		 2004/05
Full Year
$m		 2003/04
Full Year
$m		 2002/03
Full Year
$m
Sales
Cost of sales		 3,559.2
(3,092.4)		 3,154.1
(2,729.4)		 3,004.8
(2,551.5)		 2,697.2
(2,306.1)		 2,445.7
(2,108.6)
Gross profit
Administrative expenses
Other operating income		 466.8
(142.1)
91.5		 424.7
(133.3)
83.3		 453.3
(129.8)
71.8		 391.1
(113.1)
63.2		 337.1
(99.5)
59.1
Operating profit
Finance income
Finance expense		 416.2
18.8
(34.2)		 374.7
6.5
(20.5)		 395.3
5.6
(21.6)		 341.2
3.9
(21.4)		 296.7
5.5
(27.0)
Profit before tax
Taxation		 400.8
(134.8)		 360.6
(125.3)		 379.3
(128.6)		 323.7
(116.6)		 275.2
(99.9)
Profit for the financial period 266.0 235.3 250.7 207.1 175.3
           
Earnings per share
   - basic
   - diluted
15.4c
15.3c
13.6c
13.5c
14.5c
14.4c
12.1c
12.0c
10.2c
10.1c

Segmental Information
  2006/07
Full Year
$m		 2005/06
Full Year
$m		 2004/05
Full Year
$m		 2003/04
Full Year
$m		 2002/03
Full Year
$m
Sales
UK
US
907.1
2,652.1
845.3
2,308.8
944.3
2,060.5
830.4
1,866.8
715.3
1,730.4
  3,559.2 3,154.1 3,004.8 2,697.2 2,445.7
Operating profit
UK Trading
Central costs
103.4
(13.9)
88.4
(14.4)
143.0
(12.6)
126.2
(9.6)
97.3
(9.1)
UK
US		 89.5
326.7		 74.0
300.7		 130.4
264.9		 116.6
224.6		 88.2
208.5
  416.2 374.7 395.3 341.2 296.7

 

Balance Sheet
  2006/07
Full Year
$m		 2005/06
Full Year
$m		 2004/05
Full Year
$m		 2003/04
Full Year
$m		 2002/03
Full Year
$m
Assets:
Non-current assets		          
Intangible asset 46.3 40.5 32.9 33.1 34.4
Property, plant and equipment 484.8 449.2 426.6 367.5 335.9
Other receivables 29.2 25.3 21.9 21.1 19.0
Retirement benefit asset 3.7 - - 3.1 -
Deferred tax asset 29.0 30.8 30.1 65.9 73.3
  593.0 545.8 511.5 490.7 462.6
Current assets          
Inventories 1,350.6 1,203.1 1,092.2 984.8 884.1
Trade and other receivables 869.1 761.8 679.3 594.8 539.7
Cash and cash equivalents 152.3 92.9 193.5 233.0 75.9
  2,372.0 2,057.8 1,965.0 1,812.6 1,499.7
Total assets 2,965.0 2,603.6 2,476.5 2,303.3 1,962.3

Liabilities:
Current liabilities		          
Borrowings due in less than one year (5.5) (267.4) (100.4) (112.3) (20.3)
Trade and other payables (392.4) (362.3) (308.6) (308.5) (281.6)
Deferred income (122.7) (111.2) (101.1) (88.3) (74.0)
Current tax (101.7) (88.9) (82.8) (98.6) (96.4)
  (622.3) (829.8) (592.9) (607.7) (472.3)
Non-current liabilities          
Borrowings due in more than one year (380.0) - (251.0) (266.0) (285.3)
Trade and other payables (74.7) (63.7) (53.3) (47.7) (38.7)
Deferred income (132.0) (116.1) (106.2) (95.7) (84.3)
Provisions (10.0) (11.0) (11.0) (11.6) (12.3)
Retirement benefit obligation - (27.4) (3.6) - (8.7)
  (596.7) (218.2) (425.1) (421.0) (429.3)
Total liabilities (1,219.0) (1,048.0) (1,018.0) (1,028.7) (901.6)
           
Net assets & shareholders' equity 1,746.0 1,555.6 1,458.5 1,274.6 1,060.7

 

Cash Flow
  2006/07
Full Year
$m		 2005/06
Full Year
$m		 2004/05
Full Year
$m		 2003/04
Full Year
$m		 2002/03
Full Year
$m
Cash flows from operating activities:          
Profit before tax 400.8 360.7 379.3 323.7 275.2
Adjustments for:          
Finance income (18.8) (6.5) (5.6) (3.9) (5.5)
Finance expense 34.2 20.5 21.6 21.4 27.0
Depreciation of property, plant and equipment 92.1 81.0 77.2 66.0 56.0
Amortisation of intangible assets 2.4 2.2 0.4 1.8 1.8
Other non-cash movements 4.5 8.8 8.4 3.7 8.1
Profit on disposal of property, plant and equipment 0.8 - - - -
Operating cash flows before movements in working capital 516.0 466.7 481.3 412.7 362.6
Increase in inventories (118.1) (131.0) (97.3) (75.4) (68.4)
Increase in receivables (101.5) (92.5) (82.8) (52.2) (40.5)
Increase in payables 46.1 95.4 19.9 57.3 25.1
Cash generated from operations 342.5 338.6 321.1 342.4 278.8
Interest paid (31.4) (20.5) (21.6) (20.0) (26.9)
Taxation paid (130.1) (116.5) (105.1) (115.9) (87.7)
Net cash from operating activities 181.0 201.6 194.4 206.5 164.2

Investing activities:		          
Interest received 16.9 4.3 3.3 1.5 1.7
Purchase of property, plant and equipment (116.9) (126.7) (131.1) (85.5) (75.7)
Purchase of intangible assets (7.5) (9.9) - - -
Proceeds from sale of property, plant and equipment 4.5 13.5 0.4 0.3 2.0
Net cash flows from investing activities (103.0) (118.8) (127.4) (83.7) (72.0)

Financing activities:		          
Dividends paid (108.7) (94.9) (81.5) (61.7) (47.1)
Proceeds from issue of shares 7.7 7.0 13.6 10.6 6.6
Purchase of own shares (63.4) (3.6) (17.7) - -
Increase/(decrease) in borrowings due in less than one year (248.3) (83.9) (27.0) 71.6 (5.8)
Increase/(decrease) in borrowings due in more than one year 384.3 - - - -
Net cash flows from financing activities (28.4) (175.4) (112.6) 20.5 (46.3)

Cash and cash equivalents at beginning of period		 92.9 193.5 233.0 75.9 33.5
Increase/(decrease) in cash and cash equivalents 49.6 (92.6) (45.6) 143.3 45.9
Exchange 9.8 (8.0) 6.1 13.8 (3.5)
Cash and cash equivalents at end of period 152.3 92.9 193.5 233.0 75.9

 

Reconciliation of net cash flow to movement in net debt
  2006/07
Full Year
$m		 2005/06
Full Year
$m		 2004/05
Full Year
$m		 2003/04
Full Year
$m		 2002/03
Full Year
$m
Net debt at beginning of period (174.5) (157.9) (145.3) (229.7) (286.4)
Increase/(decrease) in cash and cash equivalents 49.6 (92.6) (45.6) 143.3 45.9
(Increase)/decrease in borrowings due in less than one year 248.3 83.9 27.0 (71.6) 5.8
(Increase)/decrease in borrowings due in more than one year (384.3) - - - -
Exchange 27.7 (7.9) 6.0 12.7 5.0
Net debt at end of period (233.2) (174.5) (157.9) (145.3) (229.7)
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